A Forex View From Afar

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Where are the bulls?

Written by A Forex View From Afar on Wednesday, March 19, 2008

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Did anybody see the Bulls today? I can only see Bears, and it’s not good to stalk the Bulls, as long as we are in a Bear market.
What happened to yesterday’s 4% gains, that would re-launch equities to their peaks? Maybe they realized things aren’t going to change soon.

These rate cuts haven’t reached consumers yet, more especially sub-prime borrowers and new home buyers looking for a good loan deal. But those consumers all got hit by higher gas price and higher bills in general, quicker then anything the Fed or Government does.

As honest as I can be, only a little child thinks a full month of housing inventories can be sold overnight. Permits for new construction dropped to 16 years low, at a recessionary level.

About the FOMC decision, I can only agree with a 75 points reduction in the Target Rate. A bigger cut may have helped the Wall Street guys, but I don’t know how much it could have saved the economy, especially when thinking at 2009/2010. Inflation long-term costs are very high, hopefully we won’t see or feel them.

I’m taking my rifle and going to search some Bulls out. Maybe on my way I’ll find some other optimists to join me.

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Fundies and Trading
There is a constant question from some traders as to why anybody would ever need to consider the ‘F’ word when trading. Fundamentals: what is so damaging at looking at both Technical charts and having a Fundamental filter to gauge how many Lots to put on? Why is it that accepting that Technicals give us price points to trade, but Fundamentals determine the direction that we travel is so difficult for some traders to accept? Without a Fundamental Filter very few pure Technical traders would have seen this Dollar move coming today.

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