We've arrived

I was going to save this post for the weekend, but "we've arrived". I'm talking of course about the Euro and our favorite FXE chart. Have a look...





The PSAR that we've been following has finally flipped. That is our best indicator to get long the Euro and I'll probably purchase June or July XDE calls early next week. Volume here is notable as well. There has been a large scale disposal of Euros, despite the Fed cutting rates by a quarter percent, and the strong stance by the ECB.

Other notable event risks today include Non-Farm Payrolls. There have been many companies recently announcing layoffs, and we need to keep in mind that the US economy must create 150,000 jobs per month just to keep up with population growth. Another month of job losses will be adding to the train wreck.

The only question is, which train will wreck first? The US economy, or Amy Winehouse. Because you know it's going to happen.