Just over 2 hours after the Fed ramped the ES at the expense of every other risk pair, the spread has collapsed. We said: "Bottom line: either play both legs outright in a pair combo, or sell ES for a FV 4 points lower." Well, the ES is now 4 points lower. And unlike Goldman, which was 60 pips away from its 1.50 EURUSD target and decided to hold on, only to get blown up literally minutes later, we are not greedy and are closing it.
Update: hmmm, perhaps we were a little early. Market closes - Spread closes.
Courtesy of Capital Context