Hi Boris,The Nasdaq 100 has joined the S&P500 in sitting on it's exponential trendline at a 1.000 node..I suspect tomarow will be a much better day for the bulls...The day ended with signs of strength...Regards,Mark L.
Dear Readers The National SOPITALIST Casino will soon be closed for today and the Wall Street ( WELFARE STATE ) will go to burbs to count money they screwed ordinary citizens out of. We did not trade today "HOHAM" nothing doing no change almost in all major indices. Dear Lag though, reported going NEUTRAL. We are anticipating a rally starting next 1-3 days and that is consistent with WBR/YBR low around 10 and 3-6 bar delay from MDS buy signal. Dollar , GOLD and energy seem to all have behaved as anticipated , Stronger $US and weaker GOLD/ENERGY. This is exactly what our forecast is for next couple weeks, at least. But should not forget that the final ORGY in anti-dollar move may yet surprise us.
12 comments:
Boris
I did buy back in for 20% on the test of the lows with SSO
Hi Boris,
Just sent the trendline charts..bulls should be happier tomarrow..
Regards,
Mark L.
Hello Dear Boris....
I didn't commit to the short Yen trade yet....
Will my patience be rewarded?
Xerxes,
I picked up some USD/Yen (short Yen play) on Friday after that nice tank to almost the Nov. lows. With a tradable stop around the Nov. lows of 107. You might want to watch the 60min chart for an entry. It looks like a possible Inverted H&S is setting up if 109.75 is taken out that could be a place to open a trade.
Jason
My 60 min yen chart looks like it just got blow up, at least the bollinger bands when the evening session opened. Doesn't look good for the market tomorrow unless the market decouples from the yen. ES futures are ignoring the yen for now. I guess that is what the next few weeks are about.
Daveo,
Are you looking at the USD/YEN? What symbol do you follow?
Jason
Jason, it's the yen futures on the CME/globex. It trades as the inverse of the forex value. Tradestation is showing a close of .9043 (or 1.1058 at 5 pm EST close). The evening (Asian ?) session opened at 9 pm, currently trading at .9216 (or 1.0850), down from a high of .9223. You can see 10 min delayed quotes at cme.com, go to globex flash quotes to find JYH08, March contract. Hope this helps, Daveo
Daveo,
I currently have the currency pair at 109.25 so I suppose the Globex futures are anticipating a weaker USD? It also looks like they are looking for even weaker USD further through the year.
Looking at the chart over the last few days it looks like .9180 is the line in futures contracts. If this is taken out we should get more Yen selling.
Jason
Daveo, Jason....
Thank you...
Jason, I would say that you are correct that the futures market is anticipating a decline in the U$ compared to the yen, but the time frame can be rather short term oriented. March just happens to be the front month on the contract, I would read nothing long term into the quote.
The longer that you read this blog and it's contributors, you will realize that the main man's currency and gold forecasts are incredibly accurate. Utterly amazing, indeed. Good Trading to you Jason, Daveo
Jason, comments about 5 pm close quotes appear incorrect. Tradestation blip I guess. Otherwise, current quotes are accurate. Daveo
Dear Xerxes, I am not sure one can play this market as an all or nothing proposition.
One must "build" a position in these markets in an incremental fashion.
GOod Trading
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