Below is a Consolidated Summary of Scheduled News Events that I am watching for the “Week Ahead”  Note: All times are listed in US Eastern Time Zone and there are other scheduled events that I may not have listed.

Jerry’s US News Watch for - July 28 - August 1

Jerry’s International News Watch for - July 28 - August 1

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

Weak Economic Data - No Surprise

US Exiting Home Sales and Jobless Claims pushed the equity markets over a cliff on Thursday with the DOW Industrials closing down almost 300 points. But the Greenback held steady.

Friday Has More News Ahead

Durable Goods, Consumer Sentiment and New Home Sales will be news to watch coming out Friday morning.

Above and Below the US

The Daily Chart above shows Australian vs US Dollar shows a nice up trending channel with price at support.

Australia - Above and Below the US at Support

Australia Coming Up Strong vs Canadian Dollar - For How Long?

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

As the US Dollar continues to gain ground, The Pound has seen some strength as well after the Bank of England released their meeting minutes earlier in the European session.

Triangle In Play - Daily Chart of Euro vs Pound (click to enlarge)

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

Oil Drops Despite Storm in the Gulf - Coincidence?

The Dollar made a huge rally against all the majors. Today’s drop in Oil, despite a storm in the Gulf is proof to me that a strong US Dollar will bring down oil, gasoline, and hence inflation comes down.

Current Policy “Too Accommodative”

Voting member of the FOMC - Philly Fed President Plosser stated that, “I anticipate the reversal will need to be started sooner rather than later” when he was discussing the fact that current policy was “too accommodative”. The fact that the low rates between the banks are no where to be seen by consumers should be an issue.

The Currencies

As of midday Tuesday

The Euro tanked over 180 pips dropping form 1.5940 to 1.5760.

The Pound gave up over 150 pips sinking from 2.0075 to 1.9900.

It was a quiet Monday - but the Dollar continued to drift lower against the Majors

The Euro is in a Trend Channel - Wants to go Higher?

Nice Sideways Symmetry - The CAD - USD  has retested and broken parity again today

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

Below is a Consolidated Summary of Scheduled News Events that I am watching for the “Week Ahead”  Note: All times are listed in US Eastern Time Zone and there are other scheduled events that I may not have listed.

Jerry’s US News Watch for - July 21 - 25

Jerry’s International News Watch for - July 21- 25

*** Your Invitation For Free Live Market Coverage and Analysis Webinars ***

Click Here to Register for my “1st on Forex” The Week Ahead Webinar  - Every Monday at 12 Noon EDT -

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

Forget about Iran - Dollar Gains Ground 

A seismic fundamental shift in the Energy Crisis may take place - but  the US Congress must act quickly to lift barriers to domestic oil drilling. The charts below show that at 11 am July 14, 2008 the US Dollar spiked and has either continued to gain ground or flat lined ever since US President George Bush announced that he would lift the Executive Prohibition on drilling Monday. 

Timely Action Taken and Needed Now

A close look at the charts below show that the US dollar was heading for lower lows, and threatening to fall off some technical cliffs - until the President made his announcement, but this may be short lived if the Congressional Prohibition is not lifted. 

Euro posts historic high over 1.63 - then drops on the news - flat lines for the rest of the week.

Pound Shows Similar Flat Line Pattern as Dollar Consolidates (click on chart to enlarge)

US Dollar Rallies against the Yen after Bush Oil Drilling Policy Change Sinks In

Hey Greenpeace - Take Al Gore to China!

Although environmental critics may not like the idea of drilling off the Florida coast - the reality is that China has already got the rights from Cuba to drill in the same fields off the US coast.  Whether this was a carefully contrived plan or not - we need to act now to start drilling, and at the same time start General Motors and Ford cranking out Electric Cars on a Manhattan Project schedule and get the world off of Fossil Fuels - ASAP! Geez - now I sound like Al Gore….

*** Your Invitation For Free Live Market Coverage and Analysis Webinars ***

Click Here to Register for my “1st on Forex” The Week Ahead Webinar  - Every Monday at 12 Noon EDT -

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

Somebody Showed Him The Memo - Leadership at Last?

On Monday July 14, US President George Bush announced that he would lift the Executive Prohibition banning offshore oil drilling as soon as Congress agrees. Crude Oil has been in a tailspin ever since! Two days after Bush pulled out this  tourniquet for the United States hemorrhaging economy, Finally - something real is being “talked” about that might reverse the madness driving oil to perverse price levels. But the US Congress needs to act fast, before the summer break.

Presidential Magic Wand Causes Stumbling and Tumbling Oil Prices

As the price of oil dropped, the dollar rallied! Is this because the United States is ready to open up it’s vast reserves of untapped oil. If done properly - by the time all of this oil comes online - we should have new technology to replace these fossil fuels. But that will take real leadership and accommodation by the government to help the private sector bring to market new forms of energy replace the old.

A scan below the headlines shows reporters stumbling around to figure out why the sudden drop. The list of culprits is long:

• A surprise in supplies,
• Computer based trading,
• Liquidation of positions to cover shorts,
• Options Expiration.

Enough is Enough - Let’s Get Drilling!

No mention of the President wielding the “Magic Wand” he supposedly did not know he had. The fact that the futures market is all about future prices, and by bringing the United States vast untapped oil fields online - the future markets are signaling that enough is enough!

Surprise Surprise Surprise - Look at the Dollar

The Euro had just made a stab 1.6040 and then plummeted almost 250 pips,

The Pound lost about 200 pips after making a peak at 2.0150! Triangle in Play is almost complete.

Chart Update Update

Inverse Head and Shoulder - Now Formed and In Place - See July 15 Post

 Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

0% Chance of Rate Increase in August???

According to Market News International, the odds of a rate increase in August has dropped from 35% June 25th, to a 0% chance today. September you ask…. on June 25th the odds were 65% odds of a .25% rate increase, today only a 12% chance. This is based on the Fed Funds Futures Rates as of 11:30 July 14, 2008.

Talking About Odds….

The Fed Funds Futures rates are often referenced to predict.. The Interest Rate from the Fed in the Future. Well, that kind of sounds like it should make sense, except that Ben Bernanke has told congress in the past that he watches the Fed Funds Futures rate as a way to gauge what to do….. Hmmmm…. sounds like a mythical snake that swallows it’s tail or something….. The thing to remember is that as quick as those odds have gone down - they can turn right back around! You are invited to watch me broadcast a live Webinar when the FOMC releases their Rate Announcement on Tuesday August 5th - info below.

Speaking of Round Abouts….

The UK posted Price Inflation at Double Digits earlier in the day and the Pound took a quick drop against the Greenback.

1 Minute Chart - Pound - Dollar -  News Causes Temporary 80 Pip Drop

Short Lived Loss Gets the Head & Shoulder? Yes - No - Maybe ??

4 Hour Chart Shows Inverse Head and Shoulder Pattern Forming?

Tune in to my Special Webinar - Live Coverage of the FOMC Interest Rate Announcement  on Tuesday  August 5th begins at 1:30 EDT - Click Here

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

The US has no major scheduled news on Monday or Friday - however, the markets in the US are extremely jittery as the fate of Fannie and Freddie, and some other Financial institutions look tenuous. Fed Chairman Ben Bernanke is back in the hot seat Tuesday and Wednesday for the Humphrey Hawkins Senate Banking Testimony.  (I kind of feel sorry for him - he has a tough job)

Internationally there is a lot of news in the week ahead. Canada Announces Interest Rate policy, and several central banks will be discussing monetary policy. this comes after two rounds of G-8  sessions in Japan recently.

Below is a Consolidated Summary of Scheduled News Events that I am watching for the “Week Ahead”  Note: All times are listed in US Eastern Time Zone and there are other scheduled events that I may not have listed.

Jerry’s US News Watch for - July 14 - 18

Jerry’s International News Watch for - July 14-18

*** Live Market Coverage and Analysis Webinars ***

“1st on Forex” The Week Ahead Every Monday at 12 Noon EDT - Click Here

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.