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August 15th, 2012 at 9:56 am
And there goes 82.70 but not by much, may just be a spike below.
S&P flying already and I know by the time I posted above it was too late for entry. Next Futures opportunity for a long will be RUT (/TF) 800 but more likely we're rejected here (/ES 1,405, /TF 800) as the Dollar recovers off 82.70, pushed up by the Yen, who are trying to get back to 79 (now 78.70). Unlike the Swiss (1.2009), the BOJ likes to make huge moves over short periods of time and they added half a point yesterday and another half a point this morning until our open, when they got slapped down from 79 but they want it – they have a lot of money – and they are very persistent. That means 82.70 is likely to remain a floor on the Dollar and $1.23 (now $1.2283) and $1.57 (now $1.5683) will not be coming back on the Euro and Pound today.