S&P now down 2.35%. EUR/USD slips back under 1.2000, presently at 1.1990.
85 Responses to “US stocks still sliding”
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
ADVISORY WARNING: FOREXLIVE provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
AUTOREFRESH 
Where is next support? I am lost
just short all the way. LOL
huh? what? jy please enlighten us!
IF EUR/USD IS NOT RECOVERING, IT WILL RECOVER NEXTWEEK BEFORE DIVING DOWN.
LOL! wad enlighten? juz my two cents worth.. for the past two weeks friday nights have been bearish.. just short it all the way! =D for me SL 1.2030.. fibo TP 1.15.. heh..
Gerry, it’s amazing that a small Caribbean Island like Hungary could cause such a fuss….
Excellent forecast, PC. Great minds think alike. Cheers!!
You mean an atoll in the arctic ocean like Malta?
Rise to 1.2125 or something, before taking the abyssal probe into the 15s…
Hey pip collector, your caps lock key must be on. If you are yelling at us, leave it on. Otherwise, it is rather rude. Cheers!
prolly fms.. the rebounds from 1.19900 doesnt seem fast and furious.. which means next week its bound to go down into that area.. no matter how the good the rebound north is by the end of tonite..
Oh I’ll pass you off to the eur/usd expert (jy) I’m sure he can throw some toys in your crib. Jake!
erm.. i’m sure you’ll be a millionaire by now if you reverse-trades all my eurusd trades =D
another interesting chart – http://my.jetscreenshot.com/demo/20100604-aibi-258kb
Been there done that mental midget!
Yes John, good old Hungary, Who would have thought it.
This market is pathetic. Hungary doesn’t even use the euro. Everyone buying the fiat currency!!!!
Who’s next? The Faroe Islands?
Fiji?
This EURUSD meltdown is quite overdone. If it breaks below 1.1950, I’m a buyer of EURUSD, who else?
On another note, this large down move may be corrected by a large gap open on Monday.
Dontknowwhereitisastan?
So much the better to short it…
uh uh.. the hourly candle doesnt look optimistic for bears… gogo bears!! *bear punch*
Well we have a very important weekly support line coming into play around 1.19 hit Dec, Feb, and May on the way down. If that guy breaks today or next week lookout below!
Rise to 1.2125 or something, before taking the abyssal probe into the 15s…
wow n1 FMS
hum?
eur/aud looks ripe for the pickin.
hmm.. ok prolly not.. yet.. haha..
moving into usd/jpy long small order @ 91.678
ur right hart about eur/aud….4580 perhaps?
hope so s/j glad I covered my eur/yen buys with some gold short term. Cheers
91.40 channel support usdjpy
Thanks bear.
Those double tops @ 1.4730 are in the back of mind though s/j eur/aud. It’s temping for the carry.
aud/jpy is @ that fibi 50% again. long or short?
leave it prefer lower to 75.00
Where is Tajul?? Really miss his posts.
shud correlate with 1066 s+p
between you(bear) and JR there might just be a diploma in the future!
taj is job-swamped under, will be back next week or so…
Hello everyone, been busy with work … sorry can’t contribute as I use to
Taj, you should just short fiber and quit your job. Easy trade all the way!! Instant millionaire for the career trade.
Hello JAKE, I still put Sell Stops on EURUSD (got 70 pips today) … but the EURUSD will not go down forever
No it won’t go down forever. Next week is critical. We are now at an inflection point. If we drop a bit more, then its a big sell. Any positive momentum next week up will result in a change in fiber sentiment and it will turn slightly bullish. Critical week coming up.
NEXT WEEK IT WILL BE BACK TO 1.2310
WE HEAR YOU, DON’T SCREAM!!
Good luck JAKE, I’m done for the day gonna sleep … have a good weekend all
Actually, topside is 2350.
ok guys ive had enough fr this week – thanks Gerry fr the great work,, take care
Have a great weekend, all. And thanks again Gerry, Jamie, Sean and Peter for everything
a b ean for me jr
too soon or too late JR. small joke.
109.457 is the benchmark for eur/jpy. I was right about the 109.5 . I still have all those buy orders will blend and use accordingly.Bought some aud/jpy down low.
i need more sleep, hart, because i missed it!
why you buying hart? was it just a quick scalp? cos im thinking about selling before the open anticipating a gap down. im also expecting a big down week for yen pairs, perhaps even a big figure in audjpy!
I see at least 105.00 in EurJpy this week
prob see a gap up in eur@usd as its alraedy at 1:2017
Euro 1.2000+ ? Stop dreaming…. http://www.oanda.com/currency/real-time-rates
hi there loouise, a temp gap up isn’t that far fetched as we could see some buying in the asian session later on… i wouldn’t mind a chance to get me some usd afeter having dumped all of them except those in stocks last friday. good profit, now i’m holding jpy only, need 108 or even better, 105.
we might have a small rally in eur@usd begining of week, cause i think it is quite oversold…….we wait n see
Oversold with the right fundamental reasons for such equals weakness not oversold conditions. I would agree with oversold if we got semi-okay jobs data on Friday but the numbers were disgusting. We got nothing positive out of G20 this weekend. Hungary is added to the Europe worry plate. Why should the markets rally? No reason at all
i am thinking, if eurusd to drop further to 1.1630 then buy now, which in large enough numbers could cause a slight gap up, maybe 1.2080, 1.2120 – entry point… at the same time usdjpy is looking bearish with 90.53 support break to aim for 88 key… all good cooking stuff for tonight.
so now it’s PHIIGS instead of PIIGS?
Euro down 20 pips in interbank trade: http://www.oanda.com/currency/real-time-rates
eur/usd went down as low as 1.1916 in oanda.
I plan to cover my EurJpy at around 107.00 during the Asia session
i still think (hope…) for a 160-200 pip pop then re-tank. if >= 1.21 at european open then i’m back in.
Terrorism related risk-off: http://www.bloomberg.com/apps/news?pid=20601087&sid=arLkRyH7olkQ&pos=9
loouise, what’s your time frame?
loouise you’d better close your position in Asia session,
you may see 112 level in european session
my point precisely…
250 pips jump based on what? oversold? please…stop dreaming. G-20 was an absolute joke this weekend. Terrorism is back on the US agenda. US retail sales probably will show more slowing due to less hiring – the market is going to cue off a lower than expected retail sales report this week. Just like the market went up Thursday in anticipation of a hood jobs report. We see 107.00 for sure. Good Luck
Loouise here my points
The new Japaneese PM is supporting weak yen so they may not allow yen appreciate further against euro. If you look at eur jpy level it is way below the level when eurusd traded around this level.
Furthermore, the market partcipants might think that hungary is not as bad as greece.This will bring short squueze
http://www.ft.com/cms/s/0/46a51202-7167-11df-8eec-00144feabdc0.html
Hungary denies fiscal crisis
By Chris Bryant in Vienna
Published: June 6 2010 15:11 | Last updated: June 6 2010 16:26
Hungary on Saturday attempted to distance itself from claims that it was facing a Greek-style fiscal crisis, as the government indicated it was not in danger of default and would strive to meet this year’s deficit target.
Mihaly Varga, state secretary, described as “exaggerated” comments by fellow Fidesz party officials that the economy was in a “grave” situation and could experience a fate similar to Athens.
Ever hear a country admit to poor fiscal discipline? Fact is until we get some good solid news we will continue to go down HARD
Loouise I think you are 100% right about 107 in the next six to eight hours, but I do think there will be a 200 to 300 pip spike during Europe for no other reason than that’s how these markets work. I have been short sense 113.75 and I plan to cover at 107 or close to it and then buy a huge lot at the same price. I think this pair will be an easy mark for a 1,200 pip profit over the next couple of days.
Great points thinkft, but Louise is right in that the G20 was not definitive or resolving. The thing that really concerns me is the unwinding of Asian carry trades which in turn may be the catalyst to take us down to the all important 1.1650 in EUR. Whatever happens, risk reward has taken a turn for the worse and liquidity from here on will only get worse.
John, so you think we dip 200 pips and then go up 200 pips for a net of zero pips? I can dig that…that is of course based on the assumption that more bad news does not come out.
A lot is hinging on how usdjpy will fare as well, I think. Here seems to be where opinions diverge the most.
It ıs your call Loousise I can only respect your thougths. But believe japan’s fiscal discipline is not perfect. As bad news come yen strenghth is not sustainable because recession means less exports for Japan. and bear in mind that short position in yen is not ata fraction of what it used tobe in 2007. Therefore, don’t expect sharp short covering rally in yen when risk trade is off.
I would be more comfardable to hold short position in aud/usd rather than eur/jpy in such a situation
thinktt, one thing however i have to concede, EUR will drop to 1.1650 and then 1.12 versus usd, that seems for sure, and it cannot do so without dropping vs jpy as well.
Thnktt, you do know that there are many out there who are calling Japan the next Greece, right? Yen will be in a super-rally mode until Kan and his crew can present something presentable – lol
so, any takes on usdjpy? 93 or 88?
Yes I know loouise that’s why I am sceptical about eur/jpy short positions.
IMO, yen was more notable than Euro in terms of velocity and market impact on Friday
Good call JY!