Despite the bearish sentiment on Wall Street, OpenBook traders are primarily bullish on SPX500. OpenBook trader drangie was busy this morning scalping short profits on the SPX500 in the European session. The trader switched to becoming a SPX500 bull last week and closed several profitable long positions on the SPX500 with gains between 2% and 5%. The traders started buying SPX500 near 1,336 and closed near 1,342. The trader has 2 copiers and 35 followers so far on OpenBook.
With the U.S. economic calendar light on events, markets are taking their cue from developments in Europe. Talks between Greek Prime Minister Lucas Papdemos and leaders of the three opposition parties were delayed until Tuesday. Greece has to come to an agreement on new austerity measures before it gets the second bailout package. French President Sarkozy and German Chancellor Merkel said that time is running out for Greece to reach an agreement with the troika. The troika refers to European Union, IMF and ECB.
Federal Reserve policy maker James Bullard said that the U.S. housing market has already hit bottom. Bullard who is a hawk is against the current Fed policy of keeping interest rates low until late 2014. Bullard believes that low interest rates hurt savers and older Americans who rely on interest payments.
OpenBook trader aaronsw was also bullish on the SPX500 and used the dip in the markets to add to his SPX500 long exposure. Looking at this trader’s open positions, the trade is targeting SPX500 to reach 1,373. The trader has closed closed several long SPX500 positions in the past few days with gains as high as 48.33%. The trader allocates significant portion of their portfolio (about 34%) to trading SPX500. Besides SPX500, the trader also trades Oil and FRA40. The trader has been watching the $100 per barrel price level on Oil. The trader has been going long as oil prices fall below $100 and going short as oil prices trade above $100 a barrel.
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