Time to get into some technical analysis
Greg told me he had a great video all lined up but it was held up by a slow computer and then he had to run out the door to jury duty. So no video today.
I told him that the surefire way to get out of jury duty is to go on a rant about lizard-people controlling the government because if he's stuck there for a few weeks, I don't know what we're going to do.
I suppose it will start with me drawing some lines on a chart.
Cable is looking awfully good. You had a huge rally last Tuesday off the May speech. We didn't learn much from it, certainly not anything that would justify that kind of move. So that tells me the market was looking for a reason to cover shorts.
From there, cable retraced an almost perfect 38.2% and now it has risen to fresh highs and the best levels in five weeks.
The upside is around the December highs of 1.2720/75 and with a stop at today's low, that paints a nice risk reward. Two levels to eye along the way are 1.2500, which capped today's rally, and the 100-dma at 1.2527.
