- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Friday, 4 June 2010

Gone Fishing

There was just a beautiful currencies and ES setup for a June rally, until the jobs figures came out this morning. All we had to do was break 1105 with confidence, but we didn't, and every rising trendline I was watching on equities and currency pairs was broken today.

To make the day perfect I went short last night at 1104 ES with a stop at 1106.5, and we saw a very sharp reversal from 1107.5.

Some days you're better off staying in bed.

I've got some personal stuff to do and I'll be off the grid Monday and Tuesday. During that time we may retest the lows on ES and EURUSD looks likely to touch 1.185ish. If we bounce, we should bounce then, otherwise the test of 1000 beckons and EURUSD may collapse down from the broadening descending wedge that has defined it since the high..

The bulls dropped the ball completely this week and we had a massive failure at the SPX daily 200 SMA. 1105 now looks very solid as overhead resistance.

I'll be back Wednesday.

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