{"id":569232,"date":"2010-05-18T14:04:00","date_gmt":"2010-05-18T18:04:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/jp-morgan-take-profit-euro-short-2010-5"},"modified":"2010-05-18T14:04:00","modified_gmt":"2010-05-18T18:04:00","slug":"jp-morgan-still-shorting-the-euro-as-it-crashes-through-1-23-mid-day","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/569232","title":{"rendered":"JP Morgan Still Shorting The Euro As It Crashes Through $1.23 Mid-Day"},"content":{"rendered":"<p><img decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/image\/4be082bc7f8b9aaa03500200-400-\/euro-burning.jpg\" border=\"0\" alt=\"euro burning\" width=\"400\" \/><\/p>\n<p>Earlier this morning the Euro <a href=\"http:\/\/www.businessinsider.com\/the-euros-weak-attempt-at-holding-124-is-over-2010-5\">failed to retake $1.24<\/a>, now it&#8217;s broken through $1.23.<\/p>\n<p>JP Morgan perhaps took some profits too soon, but they&#8217;re still shorting the euro:<\/p>\n<p><span style=\"text-decoration: underline;\">JP Morgan&#8217;s Sophia Drossos:<\/span><\/p>\n<p style=\"padding-left: 30px;\">We have decided to take partial profit on the core short EUR\/USD position in our model portfolio, paring down the position to 15% from a 25% allocation and tightening our trailing stop-loss to 1.34. This trade was initiated originally on December 17, at an average entry level of 1.4085, and we are exiting at 1.2365, locking in a gain of 12.6%. Year-to-date, our model portfolio has generated an unlevered return of 4.81%, with the short EUR\/USD position accounting for a large portion of this performance.<\/p>\n<p style=\"padding-left: 30px;\">While we retain a negative medium-term view on EUR\/USD, we believe that short positioning and bearish sentiment have reached extreme levels, raising the potential for a bounce.<\/p>\n<p>That bounce they were worrying about? Looks dead as of this afternoon.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/static.businessinsider.com\/image\/4bf2d3217f8b9a5043f70300\/chart.png\" border=\"0\" alt=\"Chart\" width=\"500\" \/><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/static.businessinsider.com\/image\/4bf2d48b7f8b9a3f5f8d0000\/chart.png\" border=\"0\" alt=\"Chart\" width=\"500\" \/><\/p>\n<p><em>(Via JP Morgan, Take partial profit on EUR\/USD short, Sophia Drossos, 18 May 2010)<\/em><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/jp-morgan-take-profit-euro-short-2010-5#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/ynqEvKoIASw\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this morning the Euro failed to retake $1.24, now it&#8217;s broken through $1.23. JP Morgan perhaps took some profits too soon, but they&#8217;re still shorting the euro: JP Morgan&#8217;s Sophia Drossos: We have decided to take partial profit on the core short EUR\/USD position in our model portfolio, paring down the position to 15% [&hellip;]<\/p>\n","protected":false},"author":6205,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-569232","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/569232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/6205"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=569232"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/569232\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=569232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=569232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=569232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}