Wall Street close watch

That's what I wonder about EJ above 160, too...a close above there - and it's all over?

What a weird decoupling on that pair vs the DJI..not that I don't know how/why, but how whacky is it compared to GBP...and I suspect the big shock shall come some day, but when..

I agree, but now the setup looks more bullish than last week IMHO. I'm out until USDJPY retraces a little, then we'll see what happens from there. Quite a lot of short term reversals seem to be getting ready to happen.

The Dollar just died, did anyone notice?

I'm looking for things to import by tomorrow with the EURUSD > 1.5

Something big happened in the last hour as well..rarely see these type of moves in the dead of post NY..

After strong PPI Fed comes and say "inflation not a concern". The shovel and the land was there. Fed's Kohn was the gravedigger. RIP old dollar. I'll have a scotch to you memory.

Which means if Fed is more willing to make further cuts rather worry over inflationary concerns - causing the US$ to drop more which makes commodities, especially crude, rise further.

Round and round.

I'd venture to guess that maybe there had been a lot of TP and SL orders just shy of 1.50 -and once those were getting filled, the plate was clean again for a new upswing by longs starting after 1.50?

It *is* a big psychological barrier. I imagine that either we got a lot of bullish orders driving this up, or panic strikes as people convince themselves that this is overbought...

PS: order books seem to be heavier on the buy side than sell. Anyone else second that?

Well As I look at the price action of the Dow and the Sp500 and nasdaq, it is pretty clear that the volume is not there at all. I am very suspicious of this rally.

I'm still just playing imagination and wishing I had the cash to have gone long 1,000 contracts when it hit 12k again after sliding under and then having rode that sucker up 500pts. Then there'd be far from a recession in my house...Well, not that there honestly seems to be any recession as it is. If anything the fed is pushing us into one with inflation becoming the new big thing. Thanks guys!

Yep, was quite shocked myself. Zombies trading on the NY floor! Looks like merlin/my scenario might play out after all.. I DID say 73.7%

And what do you mean things to improve? Higher Euro? In any case, from the looks of the resistances on the majors, i am humbly wiling to bet at least GU will take a hit for 100 pips down today's high before resuming up (if it does resume). It doesn't seem to have more wind today - as of 11pm EST. Previous high is currently holding.

And you folks watching the DJ are mad. Can someone please post that investor caricature? Because that's exactly how the stocks traders are behaving. Long live currency freaks.

P,

What is 73.7% in reference to ? That is besides your earlier post.

Sun

Like the number 42, it is a mystery figure representing an answer to all that is mysterious in the world. I thought that was clear, no?

I shall use this thread as a good excuse to get another small rant going since this is just niggling me to no end:
Keeping in mind I've no real (economically/scientifically sound)knowledge of all of this, but this is how it is to MY amateur eyes.
---

Okay, this is starting to get pathetic and annoying..

First, year long denial of subprime being a problem. Then writedowns and stock meltdowns. Wringing of hands ensues, merry pip flows in smart trader's accounts.
Then everyone with a Bloomberg feed curve fits the stock markets to say that everything is over because oh, the Fed is such a jolly helpful bunch and won't the stimulus package be SO grand.
Then on the race goes back to reality with counter party risk. Oh noes and shiver me timbers.
Back to dreamland manor, the 'bailout' plans emerge, for the fourth time after several earlier blahblah rumour versions of it, this time of course being THE thing. Jolly turns the go around.
Now the VIE(variable interest entities) is the latest reality flash coming up..

I AM SO FRICKIN TIRED OF ALL THIS BS CURVE FITTING!

The banks along with the rating agencies along with the Fed, politicians and the housing propagandists(have you READ their crap? The housing market has been booming throughout the last 6+ months according to them..) have engaged in a years long circle-j... which is now turning into a major cluster-f...and everyone keeps curve fitting drops on a hot stone and dreamworld events like the AAA rating manipulations(which are as much disconnected from reality as the constant 'inflation? what inflation?' bleeting from the merry sheep) into 7th wonders of the world and pretending as if they were the saviour incarnate...

What is WRONG with all these people?

Just realize something very big went very wrong due to the world's oldest causes for it: greed coupled with exploitation, conducted by those who can against those who can't.
Now I know all about the "every bigger dip long term lead into super-buy opportunities" AND I ACTUALLY AGREE(looking back over 100 years of DJI history), yet this has nothing to do with the fact that perpetually heralding the end of the meltdown for 6+ months while it's still not resolved nor over yet is INCREDIBLY annoying...and the cheerleaders of the stock market etc are everywhere..

And I also am pretty furious that if you're a bank etc you get to crap away insane, mindnumbingly vast amounts of money and then the political entity which normally should have put safeguards in place to prevent that from happening just comes along with lotsa band-aids going 'there there little one, it will all be alright, here's a lolly' and instead of spanking the wrongdoers actually rewards the most disgustingly wrong behavior seen in years(although the intervals between bubbles is getting shorter => there's a really nice article on the new kind of 'bubble economy' which I found highly interesting).

So yea.
Banks, journalists, cheerleader fundies, day-to-day-curve fit news writers: you all are pewy! (hope this doesn't fall under Rule #1? ;p It's a rant! I'm allowed, no?...)

ImPORT. That's where you get it from one guy's port to your guy's port
Since I can soon buy a Dodge Viper with 2 Euros 50, I am looking into that ;p

But really maybe a bit more low end things, cars are not what I am looking for..

LOL - now that's what I call a BLOW OFF - hope you're much better now http://www.forexfactory.com/images/icons/icon11.gif

Excellent rant SL

And forty deuce (42nd) is like connected to the famous thoroughfare in NYC where the ball drops every New Years ? OK. Aliens probably are pulling the strings for that.

So if you take 51 as in area 51 and times it by itself and then times that by 1.618% you get 42.08418.

Wow, now lets see how do you make those aluminum foil hats again. Need to find some old editions of Popular Science magazine.

I personally do not know what the rant is all about.

The market is what it is. Why does anyone care what it does or why it does it just baffles me.

Trade what "you" think it will do. Have stops if it doesn't do what "you" think it will do. Get out and stay out if it doesn't do what "you" think it will do enough times.

But there is no such thing as the maket "should" do this or that. There is so much bad news priced in already. But if there is a lot more bad news down the pike (very good chance of that) then the markets will go lower. Simple, just not at the rate that me, you or others think it "should". It will go lower when the market thinks it should and not a minute sooner.

If we are in a bear market (I'll leave that to the "experts") then these recoveries are just opportunities to go short at better prices. Or as the conspiracy theorists like to call it PPT Pops.

Wasn't complaining about the market; was complaining about people and 'entities' really...

One of those people just said everything's alright and that there's no more need to have a dollar that means anything since an artificial stock market is preferable to a currency that could actually be of value..and aren't quadruple digit prices for M&Ms a nice perspective to have, so everyone can feel free to ditch it now, we'll just not call it inflation but 'fun with numbers'..guess that's what's currently going on

Well I turned off the TV a long time ago - actually in recent years. Talking heads blab, blab without a clue.

Finanial news services are somewhat better. But in the end they all look for a reason why something happened or why something in the future will happen. But whether that is the true reason doesn't matter. Just give one and people will read.

Kill the messengers, I say.

There's my rant. Nothing wrong with that - trading can be stressful sometimes so it is good to let it go.

I rather liked this post so I am once again putting up a link from my most favoritetitist bloggy blog in the world:

"Why the Fed is Compelled to Lie to Congress"
http://bigpicture.typepad.com/commen...he-fed-is.html

I would have posted it into a news-post but as those just up and die after 24-72 hours and don't allow subscriptions and followups to them they've become a bit vanishware..