FTSE Falls after US GDP
US stocks remain anemic Thanks to Yahoo Finance for these charts. It has been very interesting watching the reaction of the US stock market to this morning’s GDP release. So far they have not participated in the USD rout. Oil is back above 68, which I don't understand, considering that consumer spending was down more than double what was expected. The Pound has slapped the USD, taking to pair toa high 1.6732 so far. The high from June 29th is 1.6744 and will need to be bested for the rally to continue.
SNB may have little control nowAll the talk in the world may not stop the CHF from taking flight today and beyond. They have done a great job of keeping the currency from getting out of control up to this point, with verbal intervention, and their entire goal may have been just what they did, hold off the currency’s strength for a later date, so that it just wasn't out of control now. With a close below the top support line the bottom line may come into focus. Trade idea short here, stop above 1.5252, targeting 1.5180.
GBPUSD Highly important EURFPY 185.4 Points Profit booked on VolatilityAlthough it was just my profit target,(past results are not indicative of future results) and is most likely going to get hit again, 135.16 was hit on volatility after the GDP release. Initially the USD caught a bid, but is now falling against the four majors and the USDCAD. It remains to be seen if this is knee jerk on the US opening, or if it holds up. The DJIA has opened higher today, but only slightly. Regardless of what you think, when you dig into the numbers, the GDP release was not good. Yes it was better than expected, but consumer spending shank more than double what it was expected too. We'll have to see if the equity bulls can pull off a gain based on this GDP release.
If the FTSE is giving any indication that the recent rally was overdone, the us markets should open lower. I'll hit more details on the release later.
GBPJPY Closes with profit
Written by Administrator
Thursday, 30 July 2009 08:19
USDINX Fails to reach resistance line shown below. Don't expect price to go anywhere for the time being. The difference between the resistance line and the price this mornign didn't make any sense for a trade. The move closed the fill on a 6 hr black candle, leaving no other targets in play.
USDCAD is in trouble and last Monday's comment
I made two comments about the USDCAD on Monday, one proved to be true and we need to wait until tomorrow to see if the other proves true. I mentioned that the pair would head back up to 1.0935/50 area andit did, then later in the day I said that I just dont see the USDCAD holding at these levels, meaning I expect the pair to fall. Right now price is again testing the waters at 1.0800 and I get that feeling again that it just stop here.
USDJPY 22 points form target, gunning for 95.07
I detailed a trade earlier in the day and now price is only 22 points away form the target. WIth continued strength tongiht in the Asian market the trade may close. A little volitility may just pop the target even if the target isn't closed through.
The case for whats so wrong about the rise
The NEKKEI is up almost 140 points in early Asia, followng the US market higher. Yet the news for real economic recovery in Asia is dismal, let's run through them. Unemployment UP .1%, Household spending UP 2% over last year, but down .1% MoM, CPI flat negative numbers to down -1.7%. The main headline inflation CPI fell the most in 30 years. That unemplyment figure is the worst in over 5 years and worse than expected. Corporate earnings based on cost cuts and government spending will not finish off the recession. Consumers have to have the desire and the ability to wade back into the marketplace before a sustained recovery will take hold. A bull trap may be in the making. If we see the same type of number surprise us in the next week, the market may tumble, falling flat on its recovery face.
EURUSD moving toward 1.4100 stuck on 21 day MA
After the GDP hits and who knows from there. Current action is around the 21 day MA at 1.4077, a hang up point for both directions.
USDJPY Singal weakness to 95.02
I'll look for a few points higher though. Maybe with a target at 95.07. I am a little torn with the idea because I have a longer term trade back to 97.88
EURJPY Candle signals a drop to 133.64I'll be looking for price to fall to 133.64 plus the spread. I am very interested by today's move in the currency market because of its lack of force against the USD. It's been the JPY that has been the big loser so far. I am not saying that the USD hasn't felt some if it, but the USDINX is only currently down 15 points from its opening. With the DJIA over 9200 and the other major indexes are all up, the USD should be feeling the pinch.
GBPJPY Closes with profit: 7 for 8 this week so far
It's been a great week to say the least, (Past performance is not indicative of future performance). My target was 1.5658. More details after the US open.
Last Updated on Friday, 31 July 2009 04:07
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