CHF.JPY and EUR.JPY headfaked. "If some of his troops advance and some retreat, he is seeking to lure you forward..." - Sunzi I would wait until 2:00 PM CT. nitro
Very strange EUR.JPY and CHF.JPY are both down hard, and yet our SIFs are completely ignoring it. This is worth watching... nitro
With all the selling going on, there is someone buying. If that buyer is the market makers we are bound to see a recovery soon enough. If it's speculators, then there's no telling. After all, these market makers are the ones who control the bid/ask pricing with VERY sophisticated computers, and although they can't (or at least don't) stop certain moves in either direction, but the moment the pressure subsides by hook or by crook, the stocks get to where it's good for them.
Obvious resistance 120 EUR.JPY and 81.50 CHF.JPY. Those are the first targets that have to be taken out. Then we want the headfake area from Friday taken out. nitro
If we break those two levels, we will have wolfpacks hunting bear meat: http://www.youtube.com/watch?v=Nwc0shJ2aYc nitro
G7 warning of JPY [destabilizing] intervention. Markets blah about it. Don't believe market apathy. If it happens with enough force, short term it will send positive tremors through the markets. nitro
890 SPX is a trendline break, and if we hold above it strongly, watch out. Love that CHF.JPY is breaking out. But don't love that EUR.JPY not confirming. Confirmation in general is above 910. Then we target the gap fill, 930ish to 950ish. The risks are the usual redemptions that happen at 1:00 to 3:00 CT. nitro
I was expecting it to go the other way. Sat here all day and in the last 10 minutes all heck breaks lose. I quickly added some YM shorts and I'm up a ton. Now I'm debating if I cover or let it go overnight. I'm afraid I'll cover and then wake up to the markets limit down.
We are at breakout levels in both EUR.JPY and CHF.JPY. Probably have VW to thanks. The target we want to break in SPX is 890, then verify above 900. The obvious target after those is the gap fill of 935ish to 950ish. Fair value is approximately 975. The risks, I don't have to tell you the risk. nitro