Stocks…..
The markets opened up lower and pretty much did as they should have and continued lower throughout the session. As I wrote yesterday these markets are lacking real motivation and I do not see a continued and prolonged down trend to exist. That being said I do not see much upside either. I think we are going to be range bound with an upside bias. The same for Emerging Market currency’s. I expect range bound trading with a dollar negative bias here. There was some real inflows into Mexico today which allowed the Peso to strengthen. Keep a short lease on all profits and losses. I do not see any home runs in the near future.
Good Luck and Good Forex Trading.
Play at your own risk!
Just when you thought the markets were stabilising comes a couple of comments to bring you back to reality. First Tim Geithner was on “This Week” and said “Some banks are going to need some large amounts of assistance,” Not might but “are going to”. Then President Obama said that GM and Chrysler were “not quite there yet” on viable restructuring plans. This is reality. I certainly have not expected there to be a sharp turn around but rather one which will take time. It seems the Obama administration was feeling the same way and maybe wanted to put a little realism back into the markets.
Here are the
Tim Geithner and
Obama stories from Bloomberg News.
I would expect the markets to open very much like the closed last week. On a sluggish tone. I have seen very little energy to the markets and currently lack and real motivation for positions.
Good luck and Good Forex Trading.
ShamWow Guy, Vince Shlomi arrested
Come on admit it, we have all watched with those ShamWow infomercials and been amazed by those crazy little towels. Now there is word that Mr Shamwow was recently arrested for beating up a prostitute.
Click Here to read the story on the Smoking Gun.
Good Luck and Good Forex Trading
Taxes 2009
Well we are almost at that time of year again, Tax Time. Never fun for most of us and becoming less so in the years to come. Surfing the Web this morning I came across this story on Yahoo Finance. At the very least is brought a smile to my face.
CLICK HERE to read.
I will have a market post later on today.
Good Luck and Good Forex Trading
ECB Buying Corporate Bonds
A Story in todays WSJ is being credited with the fall of the Euro this morning.
The European Central Bank could start buying corporate bonds in an unusual move to support the euro zone economy, ECB Vice President Lucas Papademos said on Thursday.
His comments are the strongest signal yet about the ECB’s plans to ramp up efforts to keep funds flowing through clogged euro-zone credit markets. The remarks indicate that policy makers are prepared to take more-aggressive steps to stem the problem than they have thus far.
CLICK HERE to read the story.
Good Luck and Good forex Trading
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