MARKET UPDATE 1

I just have one thing to say right now.  8:30 am est ( 1:30 pm gmt ).  Huge u.s. data.

These reports will tell us if yesterday was a massive stop hunt.  If the news is in favor of the dollar then that will be the proof.  If I were an Op..uh I mean professional, and already know in advance the this morning's reports would be dollar positive, I would have done what they did yesterday.  Imagine if yesterday's move went down instead of up.  Then again today.  Everybody would have been along for the ride and there would have been panick in the euro zone that would make the decline even worse.

The situation is set up to be manageable for the professionals otherwise things may have gotten out of hand.

or

Maybe the dollar went the wrong way despite positive news because the op...I mean, professionals knew today would be dollar negative so and got a head start on the euro up move.

I believe the first senario is more likely.  I'm not worried either way because I don't trade the news, I fade the fools who trade the news...Okay, I'll be straight with you.  Sometimes, I feel like gambling but don't feel like traveling to the casino.  Then I take a shot at the news because the lottery is too boring. And most of the time, when it's all over I end up saying, "I should have went to the casino."  My odds would have been better...lol

In short, wait till 1 hr after the news for the heads to fall, then sweep up if we spot an opportunity.

Wait a minute.  I said more than one thing didn't I.  I gotta take a nap before the news comes out. I'm tired from working all night putting together some good shi...I mean stuff to keep you busy over the weekend.

CHEERS, JERRY

JERRY@FOREXTRADINGMAJIC.COM

JERRYJSTEW@YAHOO.COM