Friday, November 04, 2005


Here is a daily chart of the December eurocurrency futures.

The market has finally dropped into the 117.50 to 118.50 target range. So far no cascade of selling has developed in response to an obvious break of several low points and I interpret this as a bullish omen. Even so, I think the market will make it down at least to 118.00 before it starts to set the stage for a big rally.

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