80.80 broke now I think it will move slowely toward 79.75 and we will see if the all time low will hold.
Yes, this whole retail sentiment stuff doesnt make a lot of sense to me anyway...
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Well in principle the contrarian view pays of in finance.
In this case the bullishness I think it is more caused by nearing all time lows and not normal market dynamics.
Old bulls have been slaughtered many times and replaced by new bulls.
I really do not think that at the final bottom wherever it is, we will see a lot of retail bears.
For now we had a view spikes towards 80.88 establishing a good support which was broken. Today we saw a pullback towards 80.88 and then renewed weakness. So patiently waiting for a next base is imo all what we can...
For our files, and to add to his HR file under ineptness, we have the fantastic Noda on the wires this Japanese morning:
Like others have more than adequately covered here, the G20 meeting was a complete flop, delivering nothing. Nothing at all. In fact, I've listened to Geithner a few times now, talking about the conference, and it is pure government doublespeak - he says absolutely nothing! And what he does say they will not do (devalue currency) they actually are ALL in one form or another doing - by calling it QE, as opposed to money...
Contrarian to who? Trend? Commercials? Large Specs? Retail? Media?
