Spi is interesting lately.
I think the spi has been kept low by the Greek issue far more than the people realise.
ES has made new 12 month highs, but the spi is 140 points off its highs last week on 15th/16th. The spi is languishing with the euro. And the spi only bounced a little last night with the euro.
I have a theory about this.
With the euro falling alot in the last 9 days, the usd has been rising alot.
This has kept oil and copper prices subdued.
Hence bhp, hence the spi.
But the interesting thing is I have been watching big bullish trades over the last few days in the spi but no rise in price yet.
Even the Aud made a good rally last night without a big spi move.
So going forward, is the spi going to continue to be a reflection of euro movements?
Especially if we remain so linked to the usd?