RISK OFF

From Tuesday, 6/19/12, afternoon...

1.2690 was a tough nut to crack, and it's still hovering around that support level. Well, at least that's a step in the right direction. 1:30pm rejection (black arrow) may mark the VST peak for equities as well. We'll see.

And, that 1:30pm stock market peak on 6/19/12 remains, notwithstanding the FOMC induced spikes in the Euro.

Meanwhile, early trading indicates "risk off", as the Euro gaped down and continues to decline. The night's still very young, so let's see.

Edited by TechMan, 24 June 2012 - 05:52 PM.

Lets hope for smooth sailing TM... I feel good being short though I did endure the draw down friday. I actually think the whole week is down with little pops along the way. I see 1280 ish by friday, BUT the court ruling scares the crap outta me opinions are some parts are going to fail and they will stop the whole thing in essence. I also have heard if it fails the market will sky rocket... im just hoping they wait to announce late in the week around spx 1282 !!! O

You should be fine, OP.

Just wondering... Is it at all possible that the impact of this Supreme Court event has been blown way out of proportion in the election year?


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Meanwhile, the AUD/JPY that has had very high correlation with the stock market has been rallying hard till Thursday. The hourly is now in a bear flag formation.

Good morning.

ES is below Thursday low. The Euro's below Thursday low. And, AUD/JPY is now below Thursday low after that bear flag breakout.

Good trading, boyz.