Just to clarify (in case my future wife reads this): my teeth are not rotten or falling out... I've had some trouble with a wisdom tooth which in turn gave me a nice root canal infection in the tooth next to it.
Oh, the joy of going to the dentist and missing out on several hundred ticks...
I suggest you guys chip in to cover my lost opportunities?
The following user says Thank You to Lornz for this post:
I think your still high from your dental procedure...
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The following user says Thank You to Big Mike for this post:
Once again the market experienced a relatively large trading range and high volatility due to the lack of liquidity in the market. Today's action was essentially a mirror image of yesterday's trade, with the market leaving a dead cat's bounce as a lasting impression, although the market failed to make lower lows.
After the cash close, the bonds and dollar sold off, and the yen firmed up. Bullish technical divergences suggest that the market may have gotten a little ahead of itself to the downside, and relative strength in emerging markets, especially Brazil, suggests that the a bounce in equities could begin there. A likely scenario would see the ES retrace it's downside move back to the 1232.00 level where a confluence of resistance awaits (see chart).
No doubt there remains huge uncertainty in the Euro-zone which makes it sensible to remain cautious of the global systemic implications. However, in an attempt to circumvent the possibility of a liquidity trap, Trichet recently pledged commercial banks would be able to access as much liquidity as they needed from the ECB until at least the end of the year, and has backed up his statements through continued bond purchases. This should buy the market enough time to stage a relief rally to the aforementioned level.
Last edited by tigertrader; August 10th, 2011 at 10:38 PM.
The following 5 users say Thank You to tigertrader for this post: