Just got internet back from Verizon doing maintenance so no analysis tonight.
I will say that I smell a killer rally in equities. I'm looking for the low to be taken out in the S&P 500 accompanied by an odour of despondency as the launch pad. It would be nicely confirmed if EURUSD did not make a fresh low during the process and that also will be a buy. Ideally an entry would be mid-morning US. If not today will re-assess for Friday.
Sometimes things just fall into place. The set-up mentioned last session went off without a hitch putting 407 pips on EURUSD off the US equity low. My 10yr Treasury Note target also was hit at the low putting all the stars into alignment. For those who follow my newsletter you know the seminal idea for that trade was the price of NYMEX Crude.
In way late from my normal Wednesday meeting. No report tonight other than to say the US Dollar is currently not making fresh lows against the Euro while US equities are.
Some nibbling on the long side in this week's COT report but nothing special. I suspected nothing much this week and a noticable increase in spec longs next week but price action on Friday now has me a bit less enthusiastic and more observant.
Just got in from a meeting at Chino State Correctional Facility which is a bit of a drive from here at the beach so no analysis tonight. Hit me on Yahoo! IM if you would like to know my daily EURUSD.
Sorry Folks. Got a busy schedule this week, just got in from an evening with friends, tomorrow is my usual Wednesday meeting and Thursday I've a meeting in Anaheim.
Hope everyone got some Holiday Cheer this weekend.
4hr
Commercials have been increasing long positions but speculative interest remains tepid. Dollar Index Spec short interest is at 2.1% and does nothing but cloud the picture.
Had a glitch with one of my computers' BIOS chips on Monday. Unfortunately I misdiagnosed the problem early on and lost a long week's worth of work. I ran out of the office on Friday for a retreat weekend and didn't back up the week's data. Perfect storm kinda thing. Just back to full operation today but all my recent chart analysis is lost and needs to be rebuilt over the next couple days. So I'm wishing all a great weekend and I'll see you on Monday.
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