Markets Slow As Greek Countdown Continues Feb. 10, 2015
Daily Ranges Tighten Running Up On The Greece Ultimatem
I have to say I am quite impressed with some of the articles I am seeing these days. Below is the next Mak Kieser episode in which he does something rare on his show, having such a guest that he dont have enough time to fit in the time slot he ran and recorded the next episode with the same guest. Something that almost nobody does in news today. Before you watch it I do want to point out the articles I found so interesting. Its not that these guys are saying anything new or havent posted these same references before but the fact that people are finally getting it. The election of Syriza is the first of many steps that will need to be taken and as you will see in the Max K episode Kerry-Anne thinks the UK is not far behind. Once the majority of people wake up the ball will be hard to stop but this is what we are up against. From the article linked at the bottom of this commentary.
The entire system has been pre-empted by, first, the wrong kind of organizations, second, the wrong kind of people, and third, the wrong kind of multinational corporations. As in, Wall Street banks, Big Oil, Big Ag -including Monsanto and Sygenta – and a few handfuls of the likes of GE, Boeing, a bunch of carmakers, plus Halliburton etc. They control the planet, they send us to war, they decide what does and does not go. And we’re not going to get rid of them until and unless we realize, loudly and screamingly, that they must go or else.
And lets not forget the revolving door between banks and large corporations that must go as well.
EUR/USD Breaks Last Week Lows
The break below last weeks lows on the EUR/USD does make me want to have the bias for a short today but as I look at the daily chart there is a hefty daily level it rejected at 1.1271 yesterday that does cause make me think being open on direction today is the best bias. I do prefer a short from 1.1347 or yesterdays highs but will be open for the long from 1.1271 or if we get the conviction above 1.1358 I will look for the backside entry long.
GBP/USD Holds 66 pip Range
With the GBP/USD holding the tighter range yesterday it leaves the first intraday push a little less probability but I will still have a small bias for the next push down today until we either see it hold the chop through the London session or get conviction above the 1.5265 level. Otherwise that is where I prefer a short but also looking at the 1.4241 with a nice set up. Im open for the long at 1.5204 but want to see them clear stops first.
EUR/JPY Runs Push Down
I will be looking at this push on the EUR/JPY as a skeptical first push down since its well short of the ADR. However the 130 pip run is whats more typical of the EJ regarding a normal push so having a small bias for the short is warranted. The best level to short from is up at 134.51 but the current Asian highs are valid during London later as well. Considering they havent put much effort into widening the range this morning I do expect that if they want to continue down today they will run to the upper level.
Forex News Today
The calendar start off with UK Industrial and Manufacturing Production today but shortly before there is an ECB member speech that could get them running. I expect Costas to tow the party line and talk not budging on Greece but if for some reason there is a change of stance then we will likely see the Euro start moving. The UK data is so close to the zero level for both and expected to drop slightly below on the Mfg. figures, I think the probability for a disappointment is higher but will be watching to see how they set things up before the release. Later is the UK NEISR GDP estimates as well but baring a big miss will more likely be a non mover.
The US has JOLT Job Openings released at the same time as the NEISR data so this could make a move in the GBP/USD bigger if they miss in opposite directions.
If you want to check out the articles mentioned above here are the links.
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