Monday, September 19, 2005
First REAL post
So why not? I've got a new blog and I'd like to fill it up.
So what's up with the markets today?
Lets start with Forex: (Hey interbanks, I could use a job ;)
EURUSD continues south. HUH? Touched the 100 day MA and couldn't break through.
Must be all this German Election garbage. The news has pushed EURUSD to break out of a channel that spawned in June of this year. Now it wouldn't surprise me if EURUSD had broken to the north due to Katrina and high gas prices. The USD should not be doing as well as it has been, especially with Rita about to smash Florida and the gulf. Who knows, it may even smash New Orleans, like they need it.
USDCHF
This pair has an uncanny ability to screw me. I'm about to go short on this pair, even as Rita plans to ruin the south. BECAUSE I TRADE TECHNICALS. No matter what happens people will take their profits, people will stop their losses, and news will never set the value of currency. The RSIs say overbought and are showing some divergence on the 3hour charts. (Oanda is the only broker with 3 hour charts.) USDCHF was a no go at the 1.2818 level, this resistance could push the pair lower. I'm waiting for a confirmation first.
AUDUSD
I think a reversal is on its way. I'm short this one since .7740 (what a great call). I think this one should move higher and break this downtrend. MACD buy cross however it will soon again turn to a sell.
GBPUSD
AHHH this pair is going to "Break on through to the other side!" It seems as though it has also fell though the uptrend. I hate, HATE, to go long USD. I can't stand to do it, expecially where the markets are now. I think that we will be able to go long again, soon enough.
Lets go to the US Markets.
Dow has been suffering in the last few days after getting absolutely SMACKED by the 10700 level. Rita fears have pushed traders to short. (More fundamental crap)
Oil up over $4 on the Nymex. And NO this is not price gouging. Oil supplies are crippled from storms like Rita. Traders (foolishly) buy oil on the basis that a storm will push rigs out of commission. I have news for these traders, REFINERIES ARE NOT PURCHASING OIL RIGHT NOW. Due to refineries being severely backlogged, they will not be buying oil. Trading oil is purely speculative right now. No oil is being purchased for refining, it's just volume from the traders. I see oil retreating to $60 before the buying begins again.
Alright I'm done with this article. People over 55 control nearly 70% of the nations wealth, this is all about to change!
For the purpose of distributing the wealth to the younger generations....
So what's up with the markets today?
Lets start with Forex: (Hey interbanks, I could use a job ;)
EURUSD continues south. HUH? Touched the 100 day MA and couldn't break through.
Must be all this German Election garbage. The news has pushed EURUSD to break out of a channel that spawned in June of this year. Now it wouldn't surprise me if EURUSD had broken to the north due to Katrina and high gas prices. The USD should not be doing as well as it has been, especially with Rita about to smash Florida and the gulf. Who knows, it may even smash New Orleans, like they need it.
USDCHF
This pair has an uncanny ability to screw me. I'm about to go short on this pair, even as Rita plans to ruin the south. BECAUSE I TRADE TECHNICALS. No matter what happens people will take their profits, people will stop their losses, and news will never set the value of currency. The RSIs say overbought and are showing some divergence on the 3hour charts. (Oanda is the only broker with 3 hour charts.) USDCHF was a no go at the 1.2818 level, this resistance could push the pair lower. I'm waiting for a confirmation first.
AUDUSD
I think a reversal is on its way. I'm short this one since .7740 (what a great call). I think this one should move higher and break this downtrend. MACD buy cross however it will soon again turn to a sell.
GBPUSD
AHHH this pair is going to "Break on through to the other side!" It seems as though it has also fell though the uptrend. I hate, HATE, to go long USD. I can't stand to do it, expecially where the markets are now. I think that we will be able to go long again, soon enough.
Lets go to the US Markets.
Dow has been suffering in the last few days after getting absolutely SMACKED by the 10700 level. Rita fears have pushed traders to short. (More fundamental crap)
Oil up over $4 on the Nymex. And NO this is not price gouging. Oil supplies are crippled from storms like Rita. Traders (foolishly) buy oil on the basis that a storm will push rigs out of commission. I have news for these traders, REFINERIES ARE NOT PURCHASING OIL RIGHT NOW. Due to refineries being severely backlogged, they will not be buying oil. Trading oil is purely speculative right now. No oil is being purchased for refining, it's just volume from the traders. I see oil retreating to $60 before the buying begins again.
Alright I'm done with this article. People over 55 control nearly 70% of the nations wealth, this is all about to change!
For the purpose of distributing the wealth to the younger generations....
