MBO Issue 50 (Feb 2016) Day Trading Heaven
- Euro Short Side Too Crowded
- S&P500 Bearish January and Its Implications
- Gold Move Back To Resistance
- Big Picture Summary
Euro tagged the long term support line early Jan and bounced. However it was trapped below the midpoint of the last quarter of year 2015. Euro defended 1.08 and headed for 1.10 as projected but failed to clear it twice.
S&P moved out of the congestion zone and produced the significant drop as expected. As in all other situations when the majority of traders are trapped suddenly, we got panic selling that amplified the swings significantly.
Gold rallied higher as expected and is approaching my resistance zone by end of January.
I have to say that this is a very interesting start for the year 2016.
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