Short interest still remains near multi-year highs in Euro futures and options, which likely has provided fuel for a rally when “good” news hits the market coming out of Europe, but at the same time, it is evident to market observers that the shorts are still in the picture and seem to have conviction that the Euro situation will worsen before it gets better.

Funds worth watching as potential trading and/or hedging vehicles outside of those mentioned above amid the continued volatility in the Euro and the U.S. Dollar include Market Vectors Double Short Euro ETN (NYSEArca: DRR), ProShares Ultra Euro (NYSEArca: ULE), iPath EUR/USD Exchange Rate ETN (NYSEArca: ERO), Market Vectors Double Long Euro ETN (NYSEArca: URR), PowerShares U.S. Dollar Index Bearish (NYSEArca: UDN), PowerShares DB 3X Long U.S. Dollar Index Futures ETN (NYSEArca: UUPT) and PowerShares DB 3X Short U.S. Dollar Index Futures ETN (NYSEArca: UDNT).

We do note that this morning in the early going, the Euro is up sharply, about 0.65% on Greek debt resolution optimism.

CurrencyShares Euro Trust (NYSEArca: FXE)

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