Good Morning! I hope everyone caught my massive post re-capping last week. If you didn't its below and you really can't miss it. Pre-market futures are pointing to a lower open this morning as the bearz still remain concerned about a deep recession (big surprise right). Oil continues to slide as of this writing while the dollar is showing signs of weakening up. I have been long the GBP/USD since the lows on Thursday, which is now posting a nice bullish engulfing pattern following a hammer two days ago. I think that this pair is the most over-sold of all of them (though the USD/CHF, and USD/CAD are both over-bought too). Even if this goes lower, I will just add to my long term position on this pair.
Whatever today brings, I'm sure it will be exciting. Again just so everyone is clear, I currently have no index positions (either long or short). I am waiting for a clear direction before I jump back into these. Trust me, there will be plenty of money to make once we know the new direction. Happy Trading!
