The ES Futures dipped back to its Pivot for the day with news that Jefferies Group (JEF) had a $2.6 billion net exposure to European debt. The Jefferies Group later released news that their net exposure was only $38 million. The company indicated that the analyst did not take into account a $2.5 billion short position in the European debt market.
The ES Futures has currently traded back above R1.
Charles
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