EurAnalysis

thank you Gofer Pips, thank you Rekon

PA - PA - PA

Rekon another question, what is IMO?

http://www.urbandictionary.com/define.php?term=imo

thank you dear PT

in my opinion (imo)

IMHO= in my humble opinion

BTW= by the way

WTH= what the h-e- double hockey sticks

WTF= What the Front door

PA def gave away this move down.... will probably range and correct in Asia... lookin to Tp on a reversal setup

looks like EU really wants that 2749 pivot before the Roll...

SL moved to buy in, gonna leave it overnight

cu @london

Pushing on a string.
Consumer credit which is the backbone of a consumption lead recovery was "unexpectedly weak". The recovery the Fed has been trying to engineer with its policy of currency devaluation and low interest rates, shows some retrenchment.

Fed policy is not enough to entice people to engage more credit expansion and resume old lifestyles of borrow and spend. Fed can make the pitch and throw a party but the general population is not following thru.

Another Fed pitch for extended low interest rates is ineffective at this time. The consumer said no thank you today. NFP, business said no thank you Friday past.

Fed today are unsucessful engineers.

Add: This is the thing that the markets may pass judgement on. So far weak numbers meant more stimulus and it was off to the races. But if markets decide we have a policy failure the outcome will be far different.

thank you my friend, it really helps me to understand what guys say here

hahahhaaa, good translation

after a strong bullish daily candestick on EUR, now we see a full bearish candle without shadow. Is this a sign of retracement for tomorrow to these levels:

1.2730-40 zoon - change of polarity & SMA 14 on H4 timeframe
1.2688 - change of polarity
1.2627 - 23.6% Fibonacci retracement
1.2620 - Support (look with weekly timeframe)
1.2604 - SMA 14 on Daily timeframe

and .....

Guys what's in your mind, should we still buy the deeps?
and what you think about this bearish daily candle after that strong bullish daily candle?

lets talk about it

chances are it is going to retest the top when it breaks that down trendline.

http://www.bloomberg.com/news/2012-0...d-qe-plan.html

Federal Reserve Chairman Ben S. Bernanke, who last month defended his unorthodox monetary policies, has a new tool at hand should he seek one to a revive a flagging economy and labor market: open-ended bond buying.
Barclays Plc forecasts the Federal Open Market Committeethis week will announce monthly purchases of $50 billion to cut the jobless rate while holding inflation at 2 percent. Economists at Goldman Sachs Group Inc. (GS) and BNP Paribas, responding to last week’s report of slowing job growth, also say they expect an announcement of an open-ended plan on Sept. 13 after a two-day FOMC meeting.

Enlarge imagehttp://www.bloomberg.com/image/ikkYKFm5Ea60.jpgBernanke's Options Include Open-Ended Bond-Buying Plan

http://www.bloomberg.com/image/iD7vFylmvOec.jpgAndrew Harrer/Bloomberg

Federal Reserve Chairman Ben S. Bernanke, in an Aug. 31 speech in Jackson Hole, Wyoming, said additional bond purchases were an option to spur growth as he made the case for further stimulus.



Federal Reserve Chairman Ben S. Bernanke, in an Aug. 31 speech in Jackson Hole, Wyoming, said additional bond purchases were an option to spur growth as he made the case for further stimulus. Photographer: Andrew Harrer/Bloomberg

http://www.bloomberg.com/image/iLil7gdL1N_g.jpg



Sept. 10 (Bloomberg) -- Howard Ward, a portfolio manager at Gamco Investors Inc., talks about the performance of the stock market and investment strategy. Ward, speaking with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance," also discusses Federal Reserve monetary policy. (Source: Bloomberg)




The Fed’s practice of specifying an amount and an end-date for purchases has resulted in abrupt withdrawals of stimulus that later was renewed after the central bank failed to reach its goals. By contrast, an open-ended program would tie purchases to a sustained improvement in the economy, said Michael Gapen, senior U.S. economist at Barclays and a former member of the Fed Board’s Division of Monetary Affairs.

“As a Fed chairman, 2 percent growth isn’t doing it for you, 8 percent unemployment isn’t doing it for you -- they need a faster acceleration,” said Gapen, who is based in New York.“So, the decision is, ‘OK, let’s hit the pedal.”’

Three Fed presidents have voiced support for an open-ended approach: San Francisco’s John Williams, Boston’s Eric Rosengrenand Chicago’s Charles Evans. James Bullard of St. Louis said that while he backs the strategy, he wants to see more economic data before taking action.
Treasuries, Gold

Treasuries, gold and stocks rose on Sept. 7 after a Labor Department report showing payrolls rose less than forecast as investors increased bets the Fed will expand record stimulus at its meeting this week.

Employers added 96,000 jobs in August, down from a 141,000 increase in July. Average hourly earnings were little changed, and the unemployment rate unexpectedly declined to 8.1 percent from 8.3 percent as 368,000 Americans left the labor force.

Bernanke, in an Aug. 31 speech in Jackson Hole, Wyoming, said additional bond purchases were an option to spur growth as he made the case for further stimulus. He didn’t specify the duration or amount of any new program.


PLEASE READ ON...

ROFL

Rolling On Floor Laughing

Now you're getting it!

Good Night Good Hunting

BBBJ GFE DFK ...

Title Should Be "HOLY COW"


WSJ(9/11) Forex Suits Hitting Hurdles

Posted on 10 September 2012 19:30 | Dow Jones Newswires
(From THE WALL STREET JOURNAL) By Christian Berthelsen and Josh Dawsey State and local pension funds are hitting a legal roadblock in efforts to recover damages from Bank of New York Mellon Corp. for allegedly overcharging clients on currency trades.

Since March, civil-court cases filed by California municipalities and the state of Virginia on behalf of pension funds against the bank alleging violations under the False Claims Act have been dismissed entirely or in part because judges have found the evidence doesn't support claims under the law.

Both plaintiffs now are seeking to refile their cases.

Federal and state false-claims act cases have been a successful weapon in combating fraud, barring an individual or business from submitting, or causing someone else to submit, to the government a false or fraudulent claim for payment.

But judges in the two actions have ruled that pension funds' accounting statements reflecting allegedly mispriced trades don't constitute a "claim" by the bank to the government for payment.

"Presenting a False Claims Act [case] is a tough sell for courts," said Sylvia Sokol, a partner at law firm Constantine Cannon who isn't involved in the currency litigation. "The plaintiffs in those cases have been unable to point to an invoice or a bill that constituted a fraudulent request or demand for payment."

The rulings present a complication for states, pension funds and whistleblower groups that have accused banks of improper charges in currency transactions.

The attorneys general of several states have alleged that public pension funds received poor prices for foreign-exchange trades executed by BNY Mellon and State Street Corp.

The suits allege that the bank deceived clients by using a least-favorable high or low range of the day to price the currency trades.
BNY Mellon and State Street, which are "custody" banks that handle securities and back-office tasks for institutional investors, have strongly denied any wrongdoing.

The banks' alleged practices came to light after insiders at both banks became whistleblowers and filed civil suits on behalf of clients that were victimized. States and municipalities later intervened in the cases on their own.

Virginia's case against BNY Mellon was dismissed entirely in a May 1 Virginia court ruling, and False Claims Act claims in a separate case against BNY Mellon by a handful of California government pension funds were dismissed by a federal judge in California at the end of March.
A BNY Mellon spokesman said the Virginia and California rulings "underscore our long-held belief that these cases are without merit and will not withstand legal scrutiny."

Other claims against the banks have withstood legal challenges, including those alleging breach of contract, false advertising, and covenants of good faith and fair dealing.

Lawyers filing the cases said they are continuing to pursue the claims and called the legal setbacks procedural.

In an amended civil suit filed in June, the Justice Department alleged that BNY Mellon overcharged clients for currency trades for at least a decade, receiving more than $1.5 billion during one four-year period.

The bank has denied wrongdoing.

"The lawsuit reflects a fundamental misunderstanding of the FX market," said the BNY Mellon spokesman.

At the same time, BNY Mellon also has taken some steps to appease clients they allegedly overcharged.

BNY Mellon in April repaid insurance and investment funds owned by Prudential Financial Inc. about half the $28 million the bank made from the insurer's trades during a five-year period, and reimbursed the state of New Jersey about $100,000 after it complained in late 2005 or early 2006, according to the Justice Department suit.

Spokesmen for Prudential, BNY Mellon and the New Jersey treasury department declined to comment.

The banks have had less success fighting other claims.

On May 8, Judge Mark Wolf of U.S. District Court in Massachusetts rejected an attempt by State Street to dismiss a case filed against it by the Arkansas Teacher Retirement System, saying if State Street "believed it was authorized to take the kind of compensation it took . . . it could have spelled it out clearly and we wouldn't be here today," according to a court transcript of the hearing. The two parties have agreed to a mediator in the case.

A State Street spokeswoman said the bank continues to "vigorously defend the allegations regarding our indirect FX services."
Brian McNiff, a spokesman for the Massachusetts secretary of the commonwealth, said: "Sometimes these things end quickly, and sometimes they take years."

(END) Dow Jones Newswires
September 10, 2012 19:30 ET (23:30 GMT)

Copyright (c) 2012, Dow Jones & Company, Inc.
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Recent spike revealed how important German constitutional ruling is for the market..

Good morning everyone.

Just as anticipated, yesterday yielded almost nothing as price on our favorite pair chopped wood for the majority of the day, although with a bearish bias.

The US Dollar did see some mild recovery after the m/m US consumer credit figures come out way lower than expected at -3.3 Billion versus the +9.1 Billion expected. Yet another sign that QE3 will not help to speed up the US recovery. If the cat isn't eating the food in her bowl, what's the use of adding more food? Otherwise this is a good thing. Lower consumer credit means that consumers will carry less debt and end up with a stronger equity position. If only the US government did the same.

Over to the other side of the Atlantic in Germany, there were reports that the constitutional court decision on the legitimacy of the ESM ratification by German law makers may be delayed due to an additional claim filed by an MP in Merkel's coalition party. There are also reports that a delay in the decision may also take place so that the judges may take some time to consider the implications of Draghi's bond buying plan. I don't have many details on either of the reports because they are of no consequence. The point I want to make is that we may not have a decision tomorrow. However at this point it is all rumor and speculation.

Now over a little further East to the Hellenic Republic of Greece where the IMF has reportedly only accepted about €6 billion of the €11.5 billion in cuts proposed by the Greek government. It seems the IMF is no longer playing Mr. Nice Guy and now wants the Greek government to eliminate public sector jobs as part of the program of fiscal adjustments. If Greece actually goes through with it, I fully expect to see the parliament building burned to the ground and another round of elections later this year. If we get to that point, keep in mind that the Golden Dawn party, (a neo-Nazi party) has advanced in the popularity polls to third place.

Today should pretty much be a repeat of yesterday... chopping along with a bearish bias. Otherwise known as consolidation. the 200 day sma at the 1.2830 area still offers key resistance and key weekly support comes in around 1.2590. Until I see a break of either of those two levels, I'm sitting on my hands.

Now if the above isn't enough, I'd like to remind you all that today is the 11th anniversary of the 9/11 attacks. I wonder if that will have any effect on NY trader sentiment. I guess we'll find out later today.

Best of luck today.

E/U Daily