EURUSD

Agreed

[US STOCKS REVERSE SOUTH] Dow leads other major indices into the red, with sector losses led by financials. Note credit card AXP to report results after the close. Caterpillar having big drag on the blue chip index after dismal Q4 results and warning of more to come amid the global recession. Sector bucking the bearish reversal are energy on oil near $48 along with more defensive ones as utilities, telecom and consumer staples. Net flow finds the Dow off 0.6% after being up over 100 points late am while broader S&P is down 0.4%, the Nasdaq a bit less. Market internals remain mixed as up stocks narrowly top losers in avg flow.

Thanks, well I am new here that is probably why I do not know that. But now as suggestion, where do you think the market is heading in the next 30M?

i am done for today
but still waiting for longs if conditions are met
btw euro has gone up in volume today

flip a coin will equitys selloff or rally.... heads rally?/tails selloff... oh and that all powerfull edge (side of coin) means we end up closing at open price.. then will asian market with nearyear do. And doensnt japan bring home all their money for repatriotsation. the begining of each year?

Awwww man!!!!!

Edit - up or down

no clue whatsoever...i make it a habit to watch the stock market during the us session and as things stand right now...the last hour of the stock market will determine all. For the moment though 1.3105 and 1.3130 are acting as support and resistance and since the middle wall of the current uptrend was broken bias is down, i am looking for a break of those levels but flat since I made my profit for the day long ago. Since your new, careful in the last hour of us stock market session when trading since most times its choppy or very volatile but not a nice balance which is then followed by several hours of a dead market until asian session (with some exceptions). Taking into account the chinese new year celebrations started yesterday, we may see low to no volume during asian session or the exact opposite (high volatility). Time will tell and best to be flat until the euro session starts again or a critical support/resistance is reached

ECB'S WEBER] The Eurozone central banker sees a "marked" drop in inflation soon, with possible negative Y/Y rate in some months but downplays risk of deflation over he medium term for the eurozone. As for the ECB rate outlook, Weber said that depends on data and developments we will get during the next few weeks. He stressed like others that in times like this the primary goal is oriented towards "price stability". As for the German economy, he noted it has weakened considerably but expects it to stabilise this year but see it contracting this qtr.

Welcome back and Happy New Year Psi! We've missed you. A lot of people have asked about you. Hope you are doing well. Good trading to you, and as always, thanks for your comprehensive and helpful analysis.

P.S. The Cobra will be glad to know you're back.

Gator,

Just wanted to say thanks for your news posts from time to time. IMO, this is the way news items of interest should be posted. I don't mind exact quotes, and I do appreciate the brevity. Glad you're not taking lessons from a certain Canadian (hell, I can't even remember his name!).

Thanks though.

Short TF's seem to be faltering at current levels... (3130ish), mid terms still pointing up after a sustained turn off the lows, 4hr is up in the air after a secondary UTL hit and retreat, and the Daily slammed and bounced hard off the 89sma but might be dusting itself off...

Great fun to watch while pinching a few one way and then the other... which is my view on which way it's going... so don't bother quoting me and asking for anything deeper than that. That was the whole sheboing.

Trade it, fight it, or sit out for awhile.. it's still not rocket science.

ADDED: Watching the 15m/30m possible shampoo forming, if the right shoulder doesn't invalidate in the next few minutes... ((price at 3170ish))

Good move to watch for.. this is like clock work

H1 trend is long no matter how you measure it for the day

M15 pulled back to below the 7 and 21 ema's... prime spot to look for long to go with trend...

price action on m5 starting stalling out and working it's way up... then BAM, M5 closed above the m5 50 ema... and the 7/50 ema's on m5 crossed up...

After this entry, the m15 closed above the M15 7 ema for a "breakout" giving me a continuation signal from the M5 entry.

I saw 4 pip drawdown.. for 30 pip reward.

a short term craftsman at work...

i couldnt resist...i too see a possible h&s on the 5min/15min timeframes with the right shoulder right at the middle wall of the current uptrend and what has been historically a strong support/resistance level. I am currently short with a very small position...win/lose..wont matter much but the opportunity is too good to pass up. Good pippin all..think rational not emotional.



Edit: ah well..cant win them all haha...no emotion whatsoever...that is the key when losing a trade to be rational for the next one..on that note im off until later...good pippin all

shoulda, woulda, coulda left open my orders for the downside bounce....

Had an electrician buddy over, and the guy sucked up my whole trading afternoon.

There's always tomorrow.

lol.. thanks.. the h4 pb and the possible h&S had me thinking short term.. should have kept it to see when it would stop testing.. oh well... next

I feel the same way man...I got out way too early on this swing for r2...

i could not resist a LZR on cci (small position) will leave it open for tomorrow

no prob.. wasnt sure if it was welcome or not.. i try to weed through them.. im sure someone will get mad and chew my ass.. butt my ass is leathery so i can deal with it..

heres a few more

[US DATA WATCH] While the Fed begins its 2-day policy meeting on Tuesday, that morning we get January consumer confidence per the Conference Bd measure. Last time it fell to a record low print of 38.0, with the present situation sub-index down to just 29.4 while the expectations component slipped to 43.8. Odds favor an uptick along with other sentiment gauges this month - Michigan-U and weekly Rasmussen gauge. The Conference Bd report also will be eyed for consumer views on jobs and income situation. Both could worsen vs the headline print given rise in layoff reports and wage freezes. Also, S&P/CS reports on metro home prices for Nov, with another slide seen. There will be the usual same-store sales data from ICSC/UBS and Redbook for the week of Jan 27th.


http://msnbcmedia.msn.com/j/MSNBC/Co...0126.thumb.jpgA slew of American heavyweight companies, including Caterpillar, Pfizer, Sprint Nextel, Home Depot and General Motors, announced cuts Monday adding up to 45,000 jobs lost.


[ON 2009 FOMC] This week's meeting brings new round of voting Fed presidents this year - namely SF's Yellen, Chicago's Evans, Atlanta's Lockhart & Richmond's Lacker. Latter perhaps is rated most hawkish among the lot. He dissented on hawkish side in half of his 2006 votes. Yellen as former Fed Gov is seen as most dovish and stressed earlier this month one cannot allow inflation to fall below 1% while saying case for 'substantial" stimulus is "very strong". Other two seen more middle ground, consensus-driven. Lacker is strongly favors a formal inflation target and uneasy over expansion in Fed balance sheet and sees need to reverse at some point point. Also, the Fed Board has two empty gov seats still while Obama's pick in Tarullo as Gov not officially seated yet to out knowledge, leaving less than 5 gov minimum to vote on non-FOMC items. 20:08 GMT - [LOOKING TO FOMC] On Tuesday, Fed starts a 2-day meeting, with statement due Wed afternoon. There is little doubt, if any about the funds target being left in a zero to 0.25% range. Fed officials have signaled intent to keep zero-bound rates for "foreseeable future". Of interest is what they say about the economy. Dec meeting minutes flagged a downward revision in GDP views along side higher jobless rate & lower headline and core inflation. At this week's meeting, they formalize the central or core f/casts, with each member giving own view based on what they think rate policy should be. Risk of deflation has emerged in FOMC discussions. We don't get the official f/casts until Jan minutes are released next month. When they are, key to see how high the peg jobless rate vs CBO outlook of over 9% by 2010 and some private f/casts of 10%. On GDP, CBO sees GDP down over 2% this year and CPI up only 0.1%.