Comment by phil

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phil
October 30th, 2014 at 4:47 am

Good morning!  

Interesting action as the Dollar is still ripping higher, now 86.50 but the Futures are up about 0.3% anyway. 

Not so much commodities, they are getting whacked with oil back to $81.50 (from $82.88 high), gold $1,203, silver $16.77, copper $3.075, nat gas $3.79 and gasoline $2.17.

Considering the BIG picture, what's going on at the moment is the strong Dollar is goosing the global markets, with the Nikkei at 15,775 (up 100) and Shanghai up 0.76%, India up 0.77% but Hang Seng down 0.5% as they can't get rid of those protesters (and housing prices are falling).  They Yen is testing 110 (109.25), so of course the Nikkei is happy (lowers their export prices).  

 

Europe is totally thrilled that we're done easing as it makes their easing so much more effective.  The Euro dove to $1.256, down from $1.40 in May, so down 10% in 6 months to "stimulate" their economy. Think about that, their currency is down 10% yet they are still in deflation – that means people aren't buying ANYTHING.  

/ES just got rejected at 1,180 and that's still a bearish signal and we can short them below the line or be more aggressive shorting /TF at 1,145 — buy you know how scary that can be.  If /ES goes over 1,180 – GET OUT OF THE SHORT POSITION!  If /TF goes over 1,145 – GET OUT OF THE SHORT POSITION.





 Simple plan, right?  For reference, we missed /YM 16,995 because under 17,000 is also a great short line (now 16,965) and /NQ is 4,082 and below 4,080 confirms a shorting premise and, of course, watch the Dollar, which is likely to be rejected at 86.50 and a lower Dollar makes shorting more dangerous so quick profit-taking is also a must.  



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