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  • #11,041
  • Nov 21, 2011 5:00pm Nov 21, 2011 5:00pm
Quoting michaelnew
Might be as well be true... On the other hand, isn't a weak EUR a very good thing for the European exports?
Yes, of course it is. Devaluation of EUR to lesser levels is the best thing for Europe. It is just painfull for Eurozone leaders, since all assets are denominated in EUR, so in fact it would mean that stock markets etc are loosing.

But for China, the best thing they can do is strenghtening EUR. I think that was main reason while Sarkozy was trying to convince them to fill our favourite empty EFSF box.
"I know one thing, that I know nothing." Sokrates
  • #11,042
  • Nov 21, 2011 5:04pm Nov 21, 2011 5:04pm
Quoting chodd22
Are you guys making a theory there will be a bump up during Asia session tonight?
Yes, I am making such a theory. But that theory is highly unpredictable, I am totally incompetent in guessing Chinas actions and there are so many forces inflicting the market so noone can say what will happen.

Nevertheless, I assume EUR wil strenghten a bit during Asia. I see 3538 as viable target. Well, we shall see.

T
"I know one thing, that I know nothing." Sokrates
  • #11,043
  • Nov 21, 2011 5:05pm Nov 21, 2011 5:05pm
Quoting michaelnew
on that note, I'll follow the lead of the leader and decouple myself from this forum
Cya later
"I know one thing, that I know nothing." Sokrates
  • #11,044
  • Nov 21, 2011 5:37pm Nov 21, 2011 5:37pm
Quoting michaelnew
not necessarily tonight, I don't see it in the candles. It's just theory.
the candles and volumes are now indicating a possible reversal.... I think Tom could be onto something.... hmmmm :-)
patience is a virtue
  • #11,045
  • Nov 21, 2011 5:51pm Nov 21, 2011 5:51pm
what is that tom? your gut feeling?

i think u maybe right
Have I got something on my face, SOLDIER?
  • #11,046
  • Nov 21, 2011 5:58pm Nov 21, 2011 5:58pm

Moody's: Failure to reach an agreement would not by itself lead to a rating change for the US

Of course it would not by itself lead to a rating change for the US.
There are many factors I may or may not know, that back up a rating downgrade decision.

S&P didn't give the US a rating downgrade because it couldn't afford to reach an agreement to cut 1.2T this time (ha!)

"Why? Standard and Poor’s cited two main reasons: first, and foremost, the inability of Congress to work together, specifically citing the fact that “the majority of Republicans in Congress continue to resist any measure that would raise revenues,” and two, the lack of any increase in revenue in the recent credit ceiling and deficit reduction bill. To put it even more simply, politicians — especially Republicans — aren’t doing their jobs. In its own words, Standard and Poor’s (S&P) wrote, “the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-​term debt dynamics,” and added, “the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges…”


The members of the super committee officially announced a failure to reach a deal on cutting at least a $1.2 trillion hole in the federal budget deficit, ahead of its official Nov. 23 deadline. The move has sent lawmakers searching for a new plan and ways to dodge blame.

"After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee's deadline," committee co-chairs U.S. Sen. Patty Murray, D-Wash., and U.S. Rep. Jeb Hensarling, R-Texas, said in a joint statement.

http://www.ibtimes.com/articles/2535...e-deadlock.htm

So, there still is faith

mmmm, interesting.
  • #11,047
  • Nov 21, 2011 6:53pm Nov 21, 2011 6:53pm
okay guys astro update for today:

Mars Sextile Saturn in 7.5 hours.

repost from my thread:



venus:goddess of love. has leadership of two signs. has power ofver love and money. in this case i care bout the money part! attraction, passion, anything to do with love.

Sextile, a position in which harmony is expected not as much as a trine but still accepting each other


saturn: gas giant big planet. big effect.In astrology, Saturn is associated with restriction and limitation.


my thoughts in 7 hours: Restriction of Money?
Limitation of money?



can someone come up with thoughts?

here are mine

venus sextile saturn in 7 hours.

venus:goddess of love. has leadership of two signs. has power ofver love and money. in this case i care bout the money part! attraction, passion, anything to do with love.

Sextile, a position in which harmony is expected not as much as a trine but still accepting each other


saturn: gas giant big planet. big effect.In astrology, Saturn is associated with restriction and limitation.


my thoughts in 7 hours: Restriction of Money?
Limits of Money?

Possible events: Not enough to bailout Europe? US has limits to money printing? Trade with China over?
Have I got something on my face, SOLDIER?
  • #11,048
  • Nov 21, 2011 8:16pm Nov 21, 2011 8:16pm
http://www.msnbc.msn.com/id/45385119...orld_business/

Worries about a high fiscal deficit and banks' exposure to other troubled European sovereign debt have drawn France into the firing line of the bloc's crisis, despite the government's insistence it would do everything necessary to protect its top rating.

http://theeconomiccollapseblog.com/a...s-a-super-joke

Does anyone need any additional evidence that our political system is completely broken? The bipartisan congressional supercommittee that was given two months to come up with at least $1.2 trillion in deficit cuts over the next decade has failed to reach an agreement. It is an epic failure and a national embarrassment. The truth is that they never even came close to an agreement. In fact, as you will read below, the two sides on the panel have been barely even talking to each other. In the end, the supercommittee was a super joke. Meanwhile, the U.S. national debt has passed the 15 trillion dollar mark and we are facing trillion dollar deficits as far as the eye can see. We are heading directly for a national financial disaster, and our "leaders" seem powerless to do anything about it.
  • #11,049
  • Nov 21, 2011 8:31pm Nov 21, 2011 8:31pm
When it comes to knowledge of the markets and Gold there are few like James Turk. His comments are most interesting and states his view of things.

http://kingworldnews.com/kingworldne...an_Crisis.html

This will soon reveal itself and today was not a good day to have confidence in politicians. There will be fallout from the non action of the group of 12.

Stay Tuned !!!
  • #11,050
  • Nov 21, 2011 8:46pm Nov 21, 2011 8:46pm
http://ca.news.yahoo.com/defense-fir...005852121.html

Now we come to the first Tuesday in November 2012 and there is a President elected and a new house and senate as to numbers of republicans and democrats. Someone will claim they have a mandate from the voter's and the cuts can be reversed or not.

We have a big problem here as you can see from what is happening in Europe. There is NO SOLUTION other than a cleaning of the system which means a collapse. I see no solution that can work other than bankruptcy.

40 Years of money printing by the FED and other central banks. Lehman during 2008 and MF Global in 2011.

2012 will be a year unlike any other the world has ever seen in this global village we all live in.

I am a realist and it does not bring pleasure to say it however truth will always come out by the events that unfold.

We will see on Tuesday if the markets take a rest or we move down more.

Other than intervention what good news awaits the markets ?

Stay Tuned and do not change the channel unless it is to the Playboy Channel. At least there we can see the Real ASSETS !!!
  • #11,051
  • Nov 21, 2011 8:54pm Nov 21, 2011 8:54pm
Quoting knoholygrail
There is NO SOLUTION other than a cleaning of the system which means a collapse. I see no solution that can work other than bankruptcy.
What about debt-free money?

One of the most important steps that we could take to bring prosperity back to America would be to nationalize the Federal Reserve. Doing so would allow the federal government to quit borrowing money, dramatically reduce taxes and eventually pay off the entire U.S. national debt. Instead of inheriting the largest debt in the history of the world, future generations would actually have a chance at economic prosperity because they would not be forced to pay off the horrific debt of previous generations.

http://theeconomiccollapseblog.com/a...ederal-reserve
  • #11,052
  • Nov 21, 2011 8:57pm Nov 21, 2011 8:57pm
http://www.johnmauldin.com/images/up.../mwo112111.pdf

Good Night Fellow Traders

See you tomorrow morning. Sweet Dreams PiPTrapper.

We have the best thread on the internet for learning on forex and other subjects thanks to all of you and the goodwill maintained here.

Bravo All. Perhaps We Should Help Manage The USA Economy.

Throw The Bums and Bumettes Out. There probably is no such word Bumettes however who cares.
  • #11,053
  • Nov 21, 2011 9:06pm Nov 21, 2011 9:06pm
Quoting Pbh
What about debt-free money?

One of the most important steps that we could take to bring prosperity back to America would be to nationalize the Federal Reserve. Doing so would allow the federal government to quit borrowing money, dramatically reduce taxes and eventually pay off the entire U.S. national debt. Instead of inheriting the largest debt in the history of the world, future generations would actually have a chance at economic prosperity because they would not be forced to pay off the horrific debt of previous generations.

http://theeconomiccollapseblog.com/a...ederal-reserve...
Two good documentarys about central banks and debt-free money were done by Bill Still.

The Money Masters

The Secret of Oz

They both can be found on youtube. I strongly suggest evryone take some time and view them.
Mark ... Everything you have been told is a LIE
  • #11,054
  • Edited 9:13pm Nov 21, 2011 9:07pm | Edited 9:13pm
Quoting Pbh
What about debt-free money?

One of the most important steps that we could take to bring prosperity back to America would be to nationalize the Federal Reserve. Doing so would allow the federal government to quit borrowing money, dramatically reduce taxes and eventually pay off the entire U.S. national debt. Instead of inheriting the largest debt in the history of the world, future generations would actually have a chance at economic prosperity because they would not be forced to pay off the horrific debt of previous generations.

http://theeconomiccollapseblog.com/a...ederal-reserve...
The FED is a group of 12 private banks some of them British backed.

They have the control and power and they will fight to the death to keep their power. Only the citizens of the USA can end their mandate. Elect Ron Paul and maybe the FED can be abolished. The politicians have a major conflict of interest.

The solution is to educate Americans however they are much to busy watching American Idol to care.

The USA press does not help. I was disappointed watching Bob of CBS Face The Nation question Ron Paul. He did not want the truth. He was trying to show how smart he was and get Ron Paul to say the wrong thing. Most Americans do not understand the real issues and neither do most of those in power with some exceptions like Ron Paul.

Those are my views based on knowing the truth however watching the soap opera unfold. Why do they not teach The Austrian School of Economics instead of only the Keynes One ? The answer is they do not want the truth since then they lose power and control.

http://en.wikipedia.org/wiki/Austrian_school
  • #11,055
  • Nov 21, 2011 9:08pm Nov 21, 2011 9:08pm
Will make this post about todays price action.
We had a strong selloff in equities in Europe and the US.
The US session losses faded at the end and the Euro/USD did not break support. We did have some test during the European US overlap but was unable to sustain the lows.

So far Asia is not doing much of anything against the backdrop of what should be its important export markets equity selling. I think this is strange and is worth incorporating into thinking.

We are getting money moving back to the states out of Europe but this is more then likely related to book risk adjustments for the upcoming thanksgiving holiday.

Thin markets friday would give those who want to push the Euro up a good opportunity.

The show must go on and it would be unwise in this persons thinking to believe that equities will not rally as the week progresses.

We did have some supportive talk for the USD out of the Feds Lacker.
Talk up the economy get people happy and out shopping.
Holidays are coming and to get the cash registers ringing the pumper is loaded.

The best shorts have been placed on equity rallies, am thinking the next rally is not so far away.
  • #11,056
  • Nov 21, 2011 9:18pm Nov 21, 2011 9:18pm
John Embry is a Canadian Expert on Gold and Markets.

Here is the link...

http://kingworldnews.com/kingworldne..._Globally.html
  • #11,057
  • Nov 21, 2011 9:25pm Nov 21, 2011 9:25pm
http://5minforecast.agorafinancial.com/current-issue/

Tell Me If You Want It Posted Again - Finally Good Night !!!
  • #11,058
  • Nov 21, 2011 9:55pm Nov 21, 2011 9:55pm
Daily Wrap - USD: The US dollar index slowly but surely continues to move up. It was pretty volatile in the fo... http://t.co/7JD0NIsy
  • #11,059
  • Nov 22, 2011 12:48am Nov 22, 2011 12:48am
Lots of conflicting signals in the market, but shorter term the bull bias is somewhat stronger. However I still see bullish action as a good shorting opportunity. It seems unlikely to me that we won't see 1.338 some time in the not so distant future. Most importantly, if October really was the bear market rally, then we are set for a major sell off in equity markets.

Bears V Bulls

Bears
Strong downward tend on month, week and daily
Printing lower lows on the 5 min chart
Mess in Europe that can only get worse
Strong reversal of major bear market rally--- very negative


Bulls
4 days stalled at 1.342 … the longer the stall, the greater the power of the break and greater the chance of a reversal
Little or no reaction to bad news
Overreaction to good news or even no news
Decoupling from downward movement of risk assets
Still moves up with risk assets
Bullish liquidity pockets
Chat rooms... bears far outnumber bulls… and are showing signs of hubris
Divergence on 4 hour
Mess in US that can only get worse

Sideways….
4 days and counting. The longer we wait, the stronger the break. The longer we wait, the more likely a reversal.
Kill the ego, or it will kill the mission.
  • #11,060
  • Nov 22, 2011 1:20am Nov 22, 2011 1:20am
The situation in Europe has now become so comical, I have decided to assign Muppet Show character names to some of the people involved. My sincere apologies to the real Muppets as I am sure they will feel a bit insulted should they ever read this post.

http://upload.wikimedia.org/wikipedi...ow_opening.jpg

Greece and Italy have had their governments replaced with yet more Muppet puppets... Greece's Fozzie Bear Papademos and Italy's Gonzo The Great Monti. They can now join Miss Piggy Merkel and Kermit The Frog Sarkozy to try and put on the greatest show possible. They are currently rehearsing behind the scenes so we have to be patient. When the curtain lifts, we will be in for another farcical display. I can't wait.

As for The US, I cannot say I am surprised that the super committee came up with absolutely nothing, because frankly I am not. American politics has also turned into a puppet show but since I have already used the Muppets to describe the Euro politicians, I will turn to the Flintstones with the main characters being Fred (Republicans) Flintstone, Barney (Democratic) Rubble and Mr.(Federal Reserve) Slate.

http://images.pictureshunt.com/pics/...arney-5300.jpghttp://sharetv.org/images/the_flints...slate-char.jpg

So let's see how it all plays out this week and next. I am sure we will be well entertained.

As for the charts, the EUR/USD is currently respecting a falling wedge pattern (See attached chart). How long this pattern will be respected is anyone's guess since the current desperate situation on both sides of the pond calls for desperate measures. Either way, in the long run I am still expecting to see the Euro down below 1.30 by end of December or early January at the latest.

Stay tuned for more episodes of the Muppet Show and the Flintstones.

Attached Image (click to enlarge)
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Those who say it cannot be done should not interrupt those who are doing it
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