The chairman of the ISM’s PMI committee, Norbert Ore, says oil prices are a risk but they are not a huge problem at $100 per barrel. Jobs are the best sentiment indicator, he says, and the employment index looks fantastic. Keep in mind, he is talking about manufacturing jobs and that manufacturing accounts for something like 15% of GDP these days.
EUR/USD is very choppy but continues to find buyers below 1.3800 and sellers above 1.3850…
The market is very long of EUR/USD, so to me, the risk is for a selloff to clean the market’s palate a bit…I still like the idea of booking profits on longs on the approach of the Feb 14 high of 1.3860, keeping a core long that can be added to on dips…I don’t like the idea of out-right shorts in an uptrend…I never do, as long-time readers can attest.
