Today Germany banned a whole slew of dangerous trading practices, including naked short selling on some stocks, currencies, and government bonds. It also declared null and void naked credit default swaps (ie.. CDS that are just bets and not actual insurance ). This is exactly what Obama should've done on Day One; yet here we are still discussing the Dodd Bill, which is 1,300 pages of toilet paper. This will be interesting to watch.. after it was announced, the Euro took a nasty tumble, dropping more than two cents on the day. If this ends well, it could be repeated worldwide to the benefit of us all. But this is a dangerous time and place to rattle markets and liquidity. We shall see..
Part of the reason might have been the passage of the "Cornyn Amendment" here in the US, which essentially makes it very hard for the US to participate in IMF or other foreign bailouts. With the US possibly unable to assist in any EU Zone rescues, the Germans probably felt as though they were going to be left holding the bag so to speak. In Germany there is to be a vote on their part of the €440 bailout; today's actions might've been the political price demanded for a yes vote.
As for me, I took it right on the chin today: I was stopped out of both my Euro trade when it sank below $1.22 and for some wierd reason copper exploded upwards, hitting my stop loss at $2.983 and closed at $3.03. Total loss on the Euro was $2,000; in copper I made out with a small profit of $850. I have no clue why copper went up. From here, I'm going to "sell" one Euro at $1.19 with a two cent stop and "sell" two copper at $2.99 with a five cent stop.