Wednesday, August 28, 2013

Syria Slash, Watch for US dollar strength

The major averages settled on their lows after broad-based selling persisted throughout the session. Sellers were in control, reacting to the increased likelihood of U.S. military involvement in Syria. 

Oil  rose to a five-week high on speculation that tension in Syria will disrupt Middle East supplies. Prices jumped as 3.2% as Foreign Minister Walid al-Muallem said today Syria’s defenses will “surprise” the world should the U.S. and its allies decide on military strikes. Western powers told the Syrian opposition to expect a strike against President Bashar al-Assad’s forces within days, Reuters reported, citing sources who attended a meeting.

I closed AAPL and AG at market open, taking a good profit on both positions, whilst reducing my long holdings by 20%.
I added EURUSD shorts; I expect USD to continue it's strength to the year end, and any uncertainty in the markets will see risk currencies like the EURO and AUD fall.

Looking at some puts on GME tonight.