Tokyo was mostly quiet, not losing nearly as bad as Wall St. did on Monday. It wasn't until London entered the market that the EUR/USD and S&P 500 futures began to simultaneously weaken.
Equity futures are pointing to a slightly higher open but this can quickly change as we still have over 2-hours before Wall St. opens. Don't forget out big events for the day are Bernanke and Pending Home Sales at 1000 EST/1500 GMT, followed by Trichet and Geithner at 1230 EST/1730 GMT.
It should be noted by traders the last time Bernanke addressed the markets they found support and confidence in his rhetoric for the most part. I can't predict the same response but I also have it in the back of my mind these markets are ready for a relief rally if the extreme level of volume selling disappears and the bulls see a foothold to gain some ground back.
We took profit on our euro shorts on the dip below the 1.2600 level and I plan on staying flat for the next few hours while the markets get settled in for what I'm expecting to be another chaotic day.
EUR/USD key levels--
Upside: 1.2624 / 1.2668 / 1.2699 / 1.2727 / 1.2752
Downside: 1.2566 / 1.2540 / 1.2508 / 1.2478 / 1.2432
Use proper risk and money management, it could be another nasty mess today in these markets.
-David
Equity futures are pointing to a slightly higher open but this can quickly change as we still have over 2-hours before Wall St. opens. Don't forget out big events for the day are Bernanke and Pending Home Sales at 1000 EST/1500 GMT, followed by Trichet and Geithner at 1230 EST/1730 GMT.
It should be noted by traders the last time Bernanke addressed the markets they found support and confidence in his rhetoric for the most part. I can't predict the same response but I also have it in the back of my mind these markets are ready for a relief rally if the extreme level of volume selling disappears and the bulls see a foothold to gain some ground back.
We took profit on our euro shorts on the dip below the 1.2600 level and I plan on staying flat for the next few hours while the markets get settled in for what I'm expecting to be another chaotic day.
EUR/USD key levels--
Upside: 1.2624 / 1.2668 / 1.2699 / 1.2727 / 1.2752
Downside: 1.2566 / 1.2540 / 1.2508 / 1.2478 / 1.2432
Use proper risk and money management, it could be another nasty mess today in these markets.
-David
No comments:
Post a Comment