Wednesday, February 11, 2009

Global Economy...Tick, Tick, Tick

More news this morning from the UK that their recession is going to be deeper than expected. Big surprise right everyone? Still, the King is signaling more rate cuts and more injected cash to try and hold the system up in place. The GBP/USD is off more than 500 pips since its recent highs and looking to head lower. As for the US pre-market futures, they are still swinging between gains and losses. We might see a slight rally today given how over-sold we are from yesterday. But we will not get anywhere near where we opened yesterday. As we continue to move down, I'll be moving down stops on my shorts and taking profits on my longs. If you feel like your in the twilight zone hearing this its true. I'm using the same strategy just reversing my positions and making money all the market swings. S&P intra-day support and resistance targets below.