Wednesday, December 21, 2005


Here is an hourly chart showing pit and electronic trading in the March '06 eurocurrency futures.

Yesterday I said that the market would halt its break at 119.20 but all that developed was a 12 hour trading range centered at that level. This morning the market has accelerated below yesterday's low so I now think we will see that 118.10 level before the market can turn upward again. I am still expecting a low above the 117.20 low in November and a rally above last week's 121.20 high before the bear market resumes.

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