Eur/USD

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The Eur totaly blew past my intraday target of .2335. Which is critical in confriming the INVERTED h&s formation. I'm begining to believe that it will hit 1.25 after a some retractions. My daily chart shows that each up move since 12/30/04 high has been pretty much symmetrical with two of the three up-turns bringing over 700 pts. I'm begining to build my position with this target in mind.
 

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Quote from Ivanovich:

Loonie will come back as soon as oil takes a break - if ever. Christ, $73 printed today. What the hell is that about?

Someone kill the speculators.
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The leader of Iran, the 4th largest oil producer, has figured out that the more he rattles his sabre, the more popular he is at home, and the higher oil prices go (so, the more oil income his country earns). Not much incentive for moderation there, eh?

And our level-headed President, when asked whether there were U.S. plans to use nuclear weapons to take out Iran's nuclear capability, actually replied that "all options were on the table". I guess he just wanted to make his new Chief of Staff's first week interesting.

I'm not a consipiracy theorist, but I'm sure some of Bush's friends in the oil industry didn't mind that remark so much either.
 
Oh, I totally agree. At the risk of sparking a debate (which is not what I want to do here), oil will go down a lot as soon as Bush is out of office.
 
Hi late apex

Quote from late apex:

And long GBP/USD -- have been building up this one for weeks, now at nearly 5 times the size.
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Would you care to elaborate a little on your accumulation strategy for ET readers' edification?
 
So of course its the President's fault and not Chavez and the nut from Iran..........hmmmm!!!

So let's stay long oil until 08 and by law the President will be out of office......then flip the position......except we may be blessed again and elect another Republican.
 
Unless the democrat is a complete and total jackass, you won't see another Republican in office this next time around. And believe me, it's a shame because I'm a republican.
 
I closed my long postion from early April. I see some signs of downwardness. I may regret it but I am not as confident at this time. I also put on a very small short postion.

I may regret it, but I have some nice profits to put in the bank. I will watch for a while.

DRT



Quote from downrivertrader:

I still see a major down move materializing in the $Index. Just hard to say what the timing is. I am still long from above and in the hole a little. I will cover if price solidly clears 2059 to the downside.

I think we are headed back up to test the 2330 highs. I think we will break thru to the topside. Personally, when I step back and think about what has caused the retreat recently (Trichet's mouth). It just doesn't add up. No one man is going to move the market in a totally different direction. It is just plain old human emotion. Then comes realization.

Plus there was a full moon at the end of last week. Go ahead laugh, but plot the moons on the Euro over the last several months.
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