Sir Pipsalot's Wednesday Market Update 02-24-2010

Sir Pipsalot

Former FPA Special Consultant
Hey folks,

Just a quick signal for tonight as I got wrapped up in things and it's late. I've shifted more to neutral on EUR/USD as we're both near some support areas on the 1h to daily chart.

Stocks did get a headstart lower today, so any rally like we have now on S&P500 futures to the 1098-1102 range looks like another good short if you're not in already.

In news yesterday, we had 2 good news responses. German IFO came just shy of hitting our sell triggers, but managed 30 pips down on EUR/USD in 10 minutes, and about 50 pips down around 30 minutes in. US Consumer Confidence came in very low as well and led to a 60 pip selloff on USD/JPY before any decent bounce. There's no economic releases scheduled for Wednesday, but Bernanke is testifying starting at 1000 EST.

To our success!
Sir Pipsalot