MARKET UPDATE 2

Alrighty then...

It's 1hr after the news announcement that were dollar positive.  Or that is to say, came in as expected. No suprises.  I have yet to see any news today or yesterday against the dollar nor strong Euro.

On our 1hr chart we can clearly see that the pro's are propping up the market right now.  Where are the retailers?  They are all long from yesterday, so the pros need the herd in to get the real party started.

They may hold up till Sunday and spike it down if they have to.  I may be wrong but that's the way I see it.

I say foul, so I ain't playin...

See how the stops are cleared out above the 1hr consolodation and below the 1hr consolodation...

but both ways, when some retailers try to enter on the breakouts it goes the other way.  This is typical of major news days.

The retailers whom got in on the news bar got that ass kicked as usual. 

But now we gotta keep creeping price up to get some herd in the game.  When they go long, well, I wouldn't go long but, I'm often wrong...

But most of the time, if we are wrong while we are on the sidelines we haven't lost any money and, that's the name of the game.  Defense wins championships.  Offense is exciting and sells tickets.

CHEERS, JERRY

JERRY@FOREXTRADINGMAJIC.COM

JERRYJSTEW@YAHOO.COM