Monday, August 03, 2009

Bulls best friend

Ok after a super bullish day when ES reached 1000 pts. is time to see some causes. Regardless of the intrinsic strength of equities, one factor cannot be overlooked: weak USD propelled this rally just when it was going exhaust. Accordingly, its counterpart, the Euro future, gave a lot of fun to some fellows traders (congrats Canuk and EminiAddict!)
Here is the EURUSD chart and some reasons to believe there is more room to rise after some consolidation. Enjoy

Bulls best friend:

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