Tuesday, November 30, 2010

Morning Madness

Good morning everyone.  Markets did in one day what I figured for the week yesterday.  When I saw that the market was down -1% yesterday I thought I was going to have to make a post today on how the market has been selling off and buying up big.  However, it seemed to all happen yesterday as the market bought up big into the close pairing off its loses.

Yesterday the EUR/USD pushed below it 200 day moving average and bounced off of support.  It closed below the 200 day and is now trading below support this morning.

GBP/USD also bounced off of support yesterday and now has broken below that support at 1.5524

The JPY/USD is actually trading in the red right now as it pulled back nicely to support. 

We should see a break down in the EUR and GBP and a nice retrace/bounce in JPY/USD.

Stock futures are currently bouncing off of their 50 day moving average.  The areas to watch are still 1200 for the bulls and 1173 for the bears.  Today should be bad news for the bulls as there is weakness across the board.  The economic reports due out shortly could have some impact on the market but I doubt good news would have to much of an effect here.

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