World Clocks

Tuesday, January 20, 2009

Euro Week 2 Jan 18 2009


  • Our dead cat bounce from last Friday appeared to show it self this week.  The Eurozone and UK are reeling from horrible banking news, specifically RBS of Scotland.
  • The pressure on most European currencies continues.  AO has navigated the shorts well, and we'll cover when the we see the first color change. 
  • Pay particular attention by the failed bounce confirmed with the up fractal, and the confirmations of AO. 
  • There could be continued pressure on the Eur for the rest of this week. My concern is the momentum of the drop.
  • Some correction is due, unlike last week, I will not hesitate to take some lots off the table. We recovered a large part of last years bad trades and we're off to a terrific start for 2009.
  • Updated: covered a very small short position late afternoon, but reentered with similar size, so new entry is currently profitting.
  • We've clearly popped through the 1.3000 handle finally with authority, 1.2900 is out and we expect some further drop this week if the miserable banking news continues.
  • I would expect significant consolidation approaching 1.2500's and if this pans out, I'll unwind a good amount of positions, right now it's bad news, and great momentum, and we're on course. 
Posted by Seaducer67 at 11:29 AM

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