Euro collapse Dollar Strength Stocks weaken low volume
Euro collapse to 2 year lows, Dollar strenghthens, Gold fools the gold bugs and US stocks looking at a low volume rally.
S&P500 emini futures hourly chart showing price stucture weakening on this low volume rally. Is the Euro Collapse inevitable? We shall see. It definitely effected market players this week. Or shall we say the market players that weren’t on vacation.
Swing traders showed no strength coming into the Friday session as price broke below the 50 Moving average and then could not recover. A welcome three day rally as most market makers are not playing. Smart money is moving on the side and taking profits on this move up. 1375 was our projected high side resistance this week with support coming in at 1361 for direction. The sellers were able to move through support at 1361 and 1352.50 to move to the 200MA at 1343.25 where our projected support for this move up came in.
Watching for this to retrace up to 1352.50 for the close on a weak volume rally as investors are looking for a place to get in on this move. Seems the S&P500 is not really selling the news on the unemployment as this small retracement was bought back up.
We could watch this consolidate as market makers come back next week. Earnings are coming out this next week and would expect some financials to actually benefit from all the Libor fraud. Those that didn’t participate can get in a class action against the banks that did commit the fraud. Too bad no one will get arrested. Biggest mistake in the creation of a corporation is to give it the rights of an individual with out the way to prosecute when it’s employees commit fraud.
The Euro Collapse is not going to come in on the pull out of Germany or Greece, but probably a black swan event that pushes another country out. We shall see.
Trade what you see and never listen to the so called experts. If you can’t see the direction of the market and don’t understand how to use a stop, then don’t trade. Never take stock tips, and if it is on the TV as a hot pick, it is too late. Euro collapse and other statements are opinion only. Trade only what you can be responsible for.
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