Last but one day for Aaron and he’s definitely got one foot in his holiday shorts (the clothing type not trading type). His previous entries can be found here. If anyone can help identify the mystery chart I would be grateful as he hasn’t labeled it. I think we’ve all settled on the Nasdaq June futures weekly charts. Thanks all.
Holiday! Whoohoo
Good day to all!
It’s finally the last working day of the week for most of us I hope! Hahaha
US equities soared again last night, closing well at 1862. That’s the fibo retracement level suggested in yesterday’s post.
As of now, S&P500 futures are off 6 points due to weaker equities earnings report after the market close.
One thing to note in this move up is the lack of follow through in the USDJPY Pair.
Having rebounded 50points in the S&P500, USDJPY is just up some 40 pips in comparison. I have noticed other traders commenting on the JPY strength as well.
Only reason I can think of is the market is starting to take Kuroda words lightly now ever since the previous BOJ meeting when Kuroda mentioned that no QE is needed as of now. Just as how the market treats Mario Druggy works with a pinch of salt.
BOJ members are out on a daily basis commenting on the old words that they will make necessary policy changes if necessary. REALLY ON A DAILY BASIS! ARGG DON’T THEY EVER GET BORED.
They should have been told of the CRY WOLF story! Hahahahah
Solved – Nasdaq June futures weekly chart
In my humble opinion, I will reduce any longs now if I am long risky assets as there is a chance this upward move is a correction in a bigger move down [especially for the Nasdaq]. We have not had a serious market correction for a long time now and as we all know, May 2014 will be coming in a couple of weeks. Seasonals might be in play for equities.
SELL IN MAY AND GO HOLIDAY! WOOHOOOO
Good Luck and Happy Holidays Everybody.
I will be back on my final post tomorrow for a summary of the week’s action and reflections.
Aaron
