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AND THE BEAR WON !!!! for now.
Good day to all!
How is your day so far?
I guess if you are with the bears, RIGHT ON !!!
Bulls? Better luck next time.
Like a sharp knife, the bears slice on. And we know that we should NEVER try to catch a falling knife.
S&P 500 catches on the bearish momentum and slides towards 1040.
The market apparently did not accept the drop in US new home sales well.
1040 was quite a resistance / support previously and we may see some support here.
Gold is currently at $1034 and yikes ! I have no support line for it until $1024 a previous high from Sep 09.
Oil has fallen back to $76 and is headed towards support at $75.
Do you know what this means?
If EUR/USD is Goldilocks, we have now the three bears!
S&P 500 , Gold and Oil are bearish now!
In view of Goldilocks and the three bears, the market sentiments are indeed negative currently.
The MSCI AC World Index fell, signaling that the sentiments are global.
While our 3 market clues are bearish, it may be foolish to attempt to catch a bottom without proper reasons.
Brave bullish soldiers may attempt to take over major line 1.4800 in a rush to regain control.
Bearish forces should remain alert as we have a significant line coming up next.
Previous high of 1.4719
Risk aversion seems to be the favorite theme again with poor US economic data triggering a rush for “safe” assets like the US Dollar.
It is interesting how fickle market sentiments are as we remember just last week when no one seems to want to be seen with a wallet full of the US Dollar.
A few upcoming news i am taking note of.
NZD’s cash rate and US’s unemployment claims and advanced GDP.
Should the RBNZ raise the rate, we may see a new furry of positive sentiments.
On the other hand, bad data from the US side may trigger more risk aversion.
Remember i said about the truth being out there?
I still feel uneasy about how coincident things are.
I have not heard from Mulder yet and i fear for his safety.
I had readers writing to me about how they think forex IN AN ALIEN WOLRD !!??!!! will be like.
Hahaha, i enjoyed reading them. And folks trust me, stop hunting is still there.
Trade Safe !!!
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