Well Well

Well the plan for today was thrown out early when we got higher than expected consumer confidence numbers. I guess I am no longer a consumer because I don't have any confidence especially after hearing the tax payers will now be giving GM more money and own more than 70% of the company. I am very proud to say I am now a part owner of a automobile company :)
Presently we look like we are forming another triangle on the daily charts and for those trend line folks, it looks like 918 area should cap the triangle trendline. I put little faith in trendlines but you must use them to form triangles.
Let's see what they do tomorrow but I have to acknowledge what I hear today on cnbc about the big trading firms desk saying no action is going on for weeks with this upside. One reply for a trade desk today was it is so sloooooow, that they are fall asleep, that should tell you something about this price movement up it has no volume so no conviction and the big money is waiting for prices to go higher to short.
I have no idea how long we will trade in this low volume situation but when we do get the volume in it will more than likely be on the downside.
AAPL etc going back to new higher you better sell while the going is good for prices.

Some scenarios to consider here

- price breaks below 900 before testing 915 (very bearish)
- price consolidates near 915 (very bullish)
- price touches the 915 zone and gets slammed (very bearish)

Remember there is still an upside projection of 943. The fact the bears could not break 875 hard makes me think that projection is still active.

Also if any readers of the blog trade currencies please send me an email at marketjedi@gamil.com