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Earl,
Keep an eye on spot $dem. Currently around 1.7990. There is very stong support at
the 1.7906-11 area. I think the mark must rally through here before we can predict
any meaningful rally in the DEM. I think we would have seen further dem strength
today if it were not for sterlings strength. A number of funds have been buying
cable and sterlingMark over the past 12hrs or so.
I have just added to my cable long. But I am a little worried at spots inability to
get convincingly through 1.6535.
E.
Earl Adamy wrote:
> Monday's 5 minute chart showed 7 tests of 5535 which suggested there were solid
> buy orders sitting there to support the DM without any intent to run it up.
> Early globex action showed prices moving higher and I covered my short. The
> decline held at the .62 retracement (Apr Low to May High) and the setup looks to
> me like we could see a decent rally off the pivot low. I haven't gone long yet
> but am watching the retracement of yesterday's rally closely. Any other
> opinions?
>
> Yen's rally looks suspect as there doesn't seem to be much followup buying.
> Looks like we need another thrust down with a clear failure/reversal to set up
> any kind of meaningful rally.
>
> Earl Adamy
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