Yesterday, you should have been unable to purchase the recommended July 2016 CurrencyShares British Pound Sterling ETF (FXB) put options, with a strike price of 144.00.
Good thing, because this morning the pound is rallying and the options are now considerably cheaper.
The rally in the pound this morning is a fakeout rally. For all the reasons I cited in yesterday’s issue, I believe the pound will be devalued in the days and weeks ahead, regardless of the outcome of today’s Brexit referendum.
Therefore, I recommend you revise the order to buy the put options, per the below details:
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For SCT members trading options: Using 3 percent of your trading funds for this service, buy the July 2016 CurrencyShares British Pound Sterling ETF (FXB) put options, with a strike price of 144.00, symbol FXB160715P00144000, at $3.10 or better, good till cancelled. |
Please note that today I recommend entering the order as a good-till-cancelled order.
Hold all other positions and related stops. I’ll be in touch again tomorrow.
Best wishes, as always …
Larry
