picture taken at 2 am ET. Those who want it earlier, pls subscribe. email "subscribe" to dollarproaragon@hotmail.com
I changed the title to "RECESSION" from the former "LOST". as I heard 4 hosts on the national TV spoke the "R" word almost total 10 times within a span of 3 minutes.
I think by the time government and media admits that they are in recession is when the government exits.
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EURO did not break 1.4750 as most were eagerly awaiting 1.4850. Anyway, I saw 1.4750 as the ceiling, however it broke through my base and fell harder than I thought to 1.4570.
Some good buying of Euros happened through Asia and Europe time.
Did you see the BUTTERFLY in the picture below. This picture was taken at about 2am ET.
Market sees a weaker ISM manufacturing at 50.4 vs previous 50.8.
The risk is that cheaper Dollar has been spuring the produciton. However media since Asia open has been lambasting a weaker dollar, b'cos of a possible slowdown in manufacturing.
Hence which is which ? possibly you would need Elliot Wave to ascertain if the rise from 1.4311 has been completed.
However, the surest trade is the Short GBP. GBP is awfully weak, in the absense of any Santa Claus. If GBP weakens further against EUR, UK may be forced to join Eurozone to counter the possible high inflation due to a weakening currency and economic slump. The inevitable union of UK and Europe may come in 2008, under the leadership of Gordon, the guy who sold UK Gold at 250 USD/oz. (now Gold is at 840, just a few yrs later).
One important theme the media is chanting is the EMERGING ECONOMIES, and of course the ASIAN CURRENCIES. Incidentally, Singapore has an unexpected lower GDP figure today.
Update 10:25 am
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as my subscribers already know, I am looking for higher Euro today, and 1.4860 in target. The pullback on Monday 31 Dec, was just to replenish stock for the Euro bulls.
Want to know what is the next move ?
Update 11:35 am
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expect Euro to stall below 1.4750, and then climb over it after FOMC minutes, these are stale news. If it shows some pple toking about 50bp cut, it would add fuel to Euro rally up.
going for my lunch, no more update. Good luck....... wish you all had made lot of pips.
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