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Imagine waking up on a family vacation, only to find the overnight futures quotes telling a different story. That’s exactly what Todd Gordon, Founder of Inside Edge Capital, LLC, experienced on August 2nd. As a seasoned trader who weathered the storm of the 2008 financial crisis, Todd recognized the signs of a potential yen carry unwind and made his way back to the trading desk.
Analyzing the USD/JPY exchange rate chart, Todd shares a trick he used when starting out – if the blue line is moving up, it means USD is strengthening relative to the yen. The recent decline in the exchange rate has sparked concerns of another crisis looming, with the yen strengthening and the carry trade unwinding.
But Todd remains bullish on the stock market, particularly the AI revolution. He points out key support levels for the Nasdaq 100 ETF ‘QQQ’, suggesting that staying above the $410 level could signal continued strength in the market.
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