USDJPY’s Big Day

USDJPY, having dutifully provided yet another overnight ramp job for ES, pushed up to tag the SMA200.  Note that the daily averages are still in a bearish alignment, though the 10 (red), 20 (gray) and 50 (blue) have recently curved up. If the pair can push through the SMA200, stocks should follow.  If not, the … continue reading →

July 22, 2014

As discussed yesterday, the dip at the close was yet another head-fake.  Is it any wonder volume has dropped to laughable levels?  It was followed by the USDJPY driven algo which kicked in around 4am ET.  Keep an eye on USDJPY this morning, as it just tagged a TL off the Jul 3 highs and … continue reading →