Premium Trades Punish the Euro, ISM Shrugged

ISM manufacturing did not fall below 50 as we had predicted, but our Premium short in EURUSD (1 out of 2), EURJPY(2/2) and ES hit all their targets. The other EURUSD short was not filled, while USDJPY, gold, silver and Dow-futures trades remain in progress. USDJPY continues to respect the pattern pointed out on Friday. We do not see any intervention from the BoJ but even if there were any, it would prove a selling opportunity as was the case in the August, March and September of last year. GOLD has been unusually range-bound over the past 5 days and is set for fresh technical gains. Direct Access to today's trades is here:

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Ashraf