yeah,so true mike,gbp will do something like that.
http://img373.imageshack.us/img373/6636/2sn3.jpg
c ya
http://img373.imageshack.us/img373/6636/2sn3.jpg
c ya
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Quoting forexnoviceDislikedThanx 4 posting the Retracement Data. Could U clarify
Average Time Retraced to this level After 200 pip Day.
Have a Gr8 CHRISTMAS & A Terrific NEW YEAR!!!Ignored
Quoting synopsesDislikedMerry Christmas to all! Hope we all get richer next yearIgnored
Quoting Mama007DislikedWednesday, December 27th, 2006
10:00 New Home Sales: Consensus 1025K
Big Picture: New home sales have fallen a sharp -27% from the July 2005 peak. Speculative investment has run scared as median prices have rebounded to a positive 12 month gain in October from -9% yoy in September. Prices will continue to fade given high inventory (homes for sale) despite the lower levels of fixed term mortgage rates. The 30-year mortgage rate has fallen off the mid June 6.8% high as lower rates and lower prices will help moderate the sales decline. Strong speculative buying in some locations leave a stronger risk of larger price declines (in those specific locations) as the trend in national and regional prices will be modest given the size of the increase over the last few years.
Thursday, December 28th, 2006
8:30 Initial Claims: Consensus NA
Big Picture: Initial claims broke above the remarkably tight range held in the 4-week average for 5 months but have returned after the holiday spike. Continued claims showed a five year low in the 4-week average in mid May but now stands 94K higher. The continued low levels reflect the thin available labor supply which make a qualified hire difficult to find and therefore leaving less layoffs. A good read on the labor market as net hiring slows with the economy.
10:00 Consumer Confidence: Consensus 101.5
Big Picture: The index reached new 4 year highs in January, March and April 2006. Energy prices, interest rates and the slowed economy have left a -6% decline since April. The index has been extremely volatile over the last year. Mini 'cyclettes' (and large monthly volatility) are evident in the slowing upward trend. Conference Board's survey is far larger and more business heavy than the household-heavy Michigan sentiment index. The index is presumed to provide an early read on consumer spending which is far better previewed through interest rates and income growth.
10:00 Existing Home Sales: Consensus 6.15M
Big Picture: Higher mortgage rates and reduced demand have severely softened the housing market after the record high of June resales. 30-yr mortgage rates reached a 6.8% high in June and have fallen off considerably since, but as the huge amount of unsold inventory needs to be worked down before prices end their deceleration and now yoy declines. The downward trend hasn't been overly severe given the years of record growth preceeding it as now falling long term mortgage rates, lower prices and improving employment and income growth provide support. Strong price gains has fallen to yoy declines for the first time since mid 1995.
Friday, December 29th, 2006
10:00 Chicago PMI: Consensus 59.5
Big Picture: The index rose to an annual high in September then rebounded to an sub 50 level in November. A volatile regional measure reflecting a slowing in demand for business capital investment. Briefing.com expects manufacturing demand and production to soften in the 4th quarter given the decline in business confidence which will presumably carry in to investment orders. Inventories have been drawn down to satisfy near term demand as rebuilding shouldn't be expected to provide much of a lift. The manufacturing sector moves in sharper cycles than the overall economy and the regional measures move in even shorter, more volatile patterns. Business investment has strong fundamentals of flush corporate balance sheets and high capacity use as confidence in the economy continues to risk weaker order growth.
Let me know if this clarifies or helps in any way for next weekIgnored