Wednesday, December 29, 2010

Morning Madness

  • Futures are slightly positive heading into the market open this morning
  • The volume continues to not be there as we are coming to a close for the year
  • No real economic reports due out today
  • EUR/USD had some weakness yesterday, but have bounced on support
  • GBP/USD fell below the 200 day moving average but also bounced off of support
  • USD/JPY is showing continued weakness as it continues to trend downwards
  • Market consolidating around the 1254-1259 price area
  • Bears would need to claim 1246 to put any real dent into this trend
  • Market movements should be slow and small in either direction
  • Dip buying is still strong

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