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;) Love n Peace
adis amigos
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--The Dollar Index has risen fast this week and its upward trajectory has been nearly vertical. In fact, although it's not evident that the uptrend is exhausted, an interim top is about to form, I believe. See chart at
http://www.dowjoneswebservices.com/chart/view/3934
It's notable that Friday's trading so far is confined in Thursday's 83.924-85.268 range. That's an obvious signal of fading upside momentum, and the virtue of heeding such homely details is the fact that you don't need a whiz-bang mathematically overcomplicated technical oscillator to tell you the obvious: The bull is about to take a break.
That conclusion is reinforced by the fact that an interim top may be lurking in the 85.584-85.659 resistance band. And I remember the first technical lesson that stuck in my brain, lo, these many years ago: Slowing momentum and looming resistance is a recipe for a selloff.
The final point of the chart is the fact that the Dollar Index would have to make a precipitous drop in order to kill the bull outright. Uptrend channel support, as I've alluded to this week, is a good way below the current market. Friday's support is 81.685, and that wide a drop would be a profit breaker even if it didn't hurt the uptrend.
For now stop trades at 82.820, or at 81.163.
Look For Relative Euro Rally
The prospect of a Dollar Index correction, of course, suggests a corresponding correction of the euro's ongoing downtrend against the dollar. The euro's downtrend low, recorded Thursday, is $1.2521. A minimum correction would, I believe take the euro back to the $1.2710-$1.2742 resistance band. That move would probably only delay an eventual test of target support at $1.2342.
(Stephen Cox, a chartered market technician, is chief technician for Dow Jones Newswires. He can be reached at 212-416-2212 or by email at stephen.cox@dowjones.com.)
(Data by CQG)
TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAmericas@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary:http://www.djnewsplus.com/access/al?rnd=yGvYv1GyBZK8vLdoTQKsDg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
May 07, 2010 11:32 ET (15:32 GMT)
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--The Dollar Index has risen fast this week and its upward trajectory has been nearly vertical. In fact, although it's not evident that the uptrend is exhausted, an interim top is about to form, I believe. See chart at
http://www.dowjoneswebservices.com/chart/view/3934
It's notable that Friday's trading so far is confined in Thursday's 83.924-85.268 range. That's an obvious signal of fading upside momentum, and the virtue of heeding such homely details is the fact that you don't need a whiz-bang mathematically overcomplicated technical oscillator to tell you the obvious: The bull is about to take a break.
That conclusion is reinforced by the fact that an interim top may be lurking in the 85.584-85.659 resistance band. And I remember the first technical lesson that stuck in my brain, lo, these many years ago: Slowing momentum and looming resistance is a recipe for a selloff.
The final point of the chart is the fact that the Dollar Index would have to make a precipitous drop in order to kill the bull outright. Uptrend channel support, as I've alluded to this week, is a good way below the current market. Friday's support is 81.685, and that wide a drop would be a profit breaker even if it didn't hurt the uptrend.
For now stop trades at 82.820, or at 81.163.
Look For Relative Euro Rally
The prospect of a Dollar Index correction, of course, suggests a corresponding correction of the euro's ongoing downtrend against the dollar. The euro's downtrend low, recorded Thursday, is $1.2521. A minimum correction would, I believe take the euro back to the $1.2710-$1.2742 resistance band. That move would probably only delay an eventual test of target support at $1.2342.
(Stephen Cox, a chartered market technician, is chief technician for Dow Jones Newswires. He can be reached at 212-416-2212 or by email at stephen.cox@dowjones.com.)
(Data by CQG)
TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAmericas@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary:http://www.djnewsplus.com/access/al?rnd=yGvYv1GyBZK8vLdoTQKsDg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
May 07, 2010 11:32 ET (15:32 GMT)
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--The Dollar Index has risen fast this week and its upward trajectory has been nearly vertical. In fact, although it's not evident that the uptrend is exhausted, an interim top is about to form, I believe. See chart at
http://www.dowjoneswebservices.com/chart/view/3934
It's notable that Friday's trading so far is confined in Thursday's 83.924-85.268 range. That's an obvious signal of fading upside momentum, and the virtue of heeding such homely details is the fact that you don't need a whiz-bang mathematically overcomplicated technical oscillator to tell you the obvious: The bull is about to take a break.
That conclusion is reinforced by the fact that an interim top may be lurking in the 85.584-85.659 resistance band. And I remember the first technical lesson that stuck in my brain, lo, these many years ago: Slowing momentum and looming resistance is a recipe for a selloff.
The final point of the chart is the fact that the Dollar Index would have to make a precipitous drop in order to kill the bull outright. Uptrend channel support, as I've alluded to this week, is a good way below the current market. Friday's support is 81.685, and that wide a drop would be a profit breaker even if it didn't hurt the uptrend.
For now stop trades at 82.820, or at 81.163.
Look For Relative Euro Rally
The prospect of a Dollar Index correction, of course, suggests a corresponding correction of the euro's ongoing downtrend against the dollar. The euro's downtrend low, recorded Thursday, is $1.2521. A minimum correction would, I believe take the euro back to the $1.2710-$1.2742 resistance band. That move would probably only delay an eventual test of target support at $1.2342.
(Stephen Cox, a chartered market technician, is chief technician for Dow Jones Newswires. He can be reached at 212-416-2212 or by email at stephen.cox@dowjones.com.)
(Data by CQG)
TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAmericas@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary:http://www.djnewsplus.com/access/al?rnd=yGvYv1GyBZK8vLdoTQKsDg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
May 07, 2010 11:32 ET (15:32 GMT)
9.9 numbers not sustainable
they will lose more jobs in the following months, im not buying this recovery one bit
9.9 numbers not sustainable
Cue the jaws music. Cable little lower still, presently at 1.4610.
djellal i dint doubt you were spreading rumours just wanted to know if the statement is still rumour or someone has confirmed that.