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Do you follow what is happening in China?Also the VIX broke out of it's trend forthe first time since march.There is trouble ahead.
catherine, if china dont stop today to fall, will fall other 15%
Catherine, EURJPY has closed strong on the day at 133.50 after having traded down to 132.15 following the election news out of Japan overnight. If EURJPY is the FX risk barometer and it can not drop on such big news combined with Shanghai down 7% overnight, when can it drop to confirm the bearish outlook? I think this type of action in EURJPY (in addition to the action in many other risk gauges) is telling us longer term money is being put to work and if anything, the markets are merely pausing in the stair stepping trend higher. Did you see the action of the BKX banking index today, the epicenter of the financial crisis? Very contructive. In any case, this should be a pivotal week with RBA rate decision, US employment report and end of summer doldrums! Cheers MK
Catherine, you need to read Carl's update below (if you have not already). I think that he spells out why he's still long, BUT also spells out the bearish case (break of support).We will see what happens today with the futures pointing down, but I'm still thinking that this manipulated market is going for another bear trap.
JeffI am warning that I think the forecasts are too optimistic - that is all.It is your own trading. I am short and have been for a number of days. The dax dropped this morning like a stone - it is now down some 3% this morning and is trading at levels where it was on Aug 21 when the dow was 100 points lower . I take Market Karmas point about eur jpy. I expect eur jpy to go down later but because of the eur leg, not the jpy leg.I think the majority of that carry trade has been undone now and Japan is in a lot of trouble. I would think we are with 2-3% of the bottom in usd jpy.
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