Coming week would be the turning point, as the market moves closer to admitting a recession. A jump of unemployment rate from 4.7% to 5.0% is a significant event. It signifies the economy in recession state.
In fact based on the SPX, it tested 1411. If it falls through, it would test 1380, then 1360. Today, everybody is stepping back, Euro, Crude, Gold, etc. All waiting to be flagged off.
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The Central Bankers are patting themselves on the back, when they claim that the tension has receded. Gordon Brown says that keeping inflation low helps to ease the credit crisis, i.e. Higher rates to keep inflation low ??
I guess everybody is taking a rest with RETRACEMENT, and waiting for the next signal (anyway, I give the first signal to my subscribers).
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Update 11:36 am ET
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the biggies are trying to flush the system. the down moves are sharper than the up moves. The biggies trying to form a base at 1.4660 meanwhile. For quick gains, small shorts from Resistance. Meanwhile the resistance is at 1.4730, base 1.4660, a 70 pips range.
FTN Financial Christopher Low just on the national Tv talking about more write-downs coming from Japanese bank (Financial Year end only in March) and the Asian tigers. Also the subprime crisis is only half-way through. It would be interested to see how the shy Asian bankers handle their side of the story.
For those who are long Euro, you need to have a strong heart.
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