Tuesday August 2, 2005 - 10:51:17 GMT
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Black Swan Capital - www.blackswantrading.com
Goodness: Will it have legs?
“‘Goodness, what beautiful diamonds!’
‘Goodness had nothing to do with it.’”
Poor price action relative to the news—it is. Sometimes an important qualitative indicator it can be. No need for fancy charts or black box Holy Grails to identify it. Traders continue to look past dollar “good” news and buy other things instead. It could be an indication this correction, however one defines a correction, will have some legs.
Maybe the move from the July low in the euro already qualifies as correction—it’s rallied 2.9% against the dollar since then. But going forward, if this correction pushes into the “correction with legs category,” the 12255-level it must breach. Already three times tested—will the fourth be the charmer? If it gets through key resistance, the 12500 summit is in sight.
And watching the Euro Bund futures for confirmation…
Jack Crooks, Black Swan Capital
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