The CRB TrendTrader report is Short Euro, Sterling, US Dollar Index and Long Swiss, Loonie, Yen and Peso. Flat Aussie. Notice the open position profft in Sterling and Euro!
See full position report below.
Remember - day traders work for the markets - Trend Traders let the markets work for them, the Trend is your friend!
The CRB Futures Market Service is one of the oldest and most respected market letters in the industry since 1934.
Forex Markets
The dollar index this morning is lower and at a 1-1/4 month low with the dollar/yen +0.19 yen and the euro/dollar +0.23 cents. The dollar index yesterday slumped to a 1-month low and finished on its low. Bearish factors yesterday included (1) the Fed's post-FOMC statement that said interest rates will remain "exceptionally low" for an "extended period," (2) strength in the euro after the Mar German ZEW economic sentiment fell less than expected, (3) a decrease in the safe-haven demand for the dollar after the S&P 500 rallied to a 17-1/2 month high along with the action by Standard & Poor's to remove Greece from its "credit watch negative," meaning it is no longer considering a downgrade of Greece's debt, (4) the prediction from UBS AG that the euro may gain to above $1.40 versus the dollar within weeks as the European Union's pledge to help Greece lures investors back into euro assets, and (5) the recommendation from JPMorgan Chase for investors to buy the euro versus the d ollar and their prediction that the euro is about 4% to 5% too cheap versus the dollar and may gain to $1.42 in the "short term" on diminished concerns that any European countries will default. Bullish factors included (1) the Fed's post-FOMC statement that reaffirmed the end of its asset-purchase program at the end of this month, and (2) comments from Treasury Secretary Geithner who said "there's no way" the US government will lose its Aaa credit rating as he pushed for Congress to summon the "political will" to help lower a record budget deficit.
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About CRB
The Commodity Research Bureau has been leading the world in commodities research and analysis since 1934. Based in Chicago, Illinois, the firm has been the innovator of the CRB Indices, as well as the publisher of the CRB Yearbook, Encyclopedia, CRB Price Charts, TrendTrader and Futures Market Service newsletters.
About CRB TrendTrader
In 1963, the Commodity Research Bureau developed a computerized trading system for the purpose of removing the emotional human element from market forecasting. Since then, countless trading programs, timing theories, and techniques have been designed and popularized by an even wider universe of individuals and companies for the purpose of "beating" the futures market. Yet, today, CRB's TrendTrader remains one of the oldest and most respected technical daily market letters.
TrendTrader system analyzes four different technical studies to categorize markets as trending up, sideways, or down. These four studies are a combination of moving average, price volatility, market momentum, and various time cycles. Support and resistance levels are recalculated daily and serve as "stops" when the market is in a trend phase and mark the breakout levels for new up or down trends when markets are in a sideways mode.
The system is for medium to long-term trading and is designed to maintain positions throughout minor and medium-term corrections. TrendTrader tracks over 79 markets, including foreign exchange (FX), stock indices, interest rates, metals, energies, grains, meats, foods & fibers and exchange traded funds (ETF).
