If you can't go down, you must go up! (See yesterday's post on 500 points up and 5 points down means, we are going higher!)
With claims tomorrow and unemployment on Friday, it should be a lot of fun!
Speaking of fun, the EUR/USD and the GBP/USD provided BUFFALO BOUNCES early in the morning - the EUR/USD was tough as it hit the key area just before the "trading go time".
Past performance is not indicative of future results
Past performance is not indicative of future results
Moving into equities, we are heading for old "bull run" resistance in all of the major indexes which is pushing many stocks to new highs. First the SPY:
Past performance is not indicative of future results
And now for one of those stocks at new highs, AXP:
Past performance is not indicative of future results
Again, I will stress that I am not in agreeance with the size of this upmove, but the technicals are claearly stating who is in charge. Will the upcoming economic data matter? Will it matter more depending on if it comes out very bullish or bearish? Maybe that is the better question. It almost is as if: bearish data is neutral and bullish data is bullish. We have seen this over the past few years. It would be nice to have a down day or two to take off this overbought condition, but these are the markets where you buy high and sell higher! You just have to make sure you have your risk to reward in place as things can turn around in a hurry, skewing the trade.
Local Tip: Interbank FX Webinar This Evening
Happy Trading and Be Environmentally Cool
No comments:
Post a Comment