Wednesday, January 12, 2011

Morning Madness

  • Again, another primitive Morning Madness from a remote computer
  • Futures are up modertaly this morning showing a lot of strength
  • No major economic reports due out today
  • EUR/USD is bouncing back and headed for the 200 day moving average at 1.306
  • GBP/USD has found the strength it needs to break its 150 day moving average and downward trendline -watch it on the 50 day moving average at 1.572
  • USD/JPY also showing strength as it bounces between its 50 day moving average (82.96) and fibonacci resistance at (83.67)
  • The bears need to keep the market under 1276 and hopefully close below 1262
  • Bulls need to close above 1276 -we tested that level yesterday only to fail and sell off
  • Dip buying continues to remain strong

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