Another Week - Another Batch of Bad News

•  Weekly Jobless Claims - Worse Ever!
•  Bank of Amerika Chief - Subpoenaed Over Pay Bonuses
•  AIG Needs Billion$ More
•  General Motors Heading for Bankruptcy
•  Iran ready to make some Nukes
•  North Korea Ready to Launch Them
•  That’s just Thursday’s short list from the US
•  Europe and Asia’s Data is Debatably Worse!
•  But Wait…. There’s More… to come!

US GDP Expected to Come Out at -5.4 %

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Chart Patterns Setting Up

EUR-USD  1 Hour Chart - Shows Triangle Pattern

 USD-CAD - Daily Triangle Pattern - Consolidation Coming to the Breaking Point?

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Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients

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 By Jerry Furst- Sr. Analyst “1st on Forex” www.Investors-Education-Network.com

 The Bizarre Gets More Momentum

- Are you no longer impressed with Jaw Dropping Jobless Claims?

- Tired of Hearing about Housing and Mortgage Issues?

-  Not Interested in Nationalization of Banks Around the Globe?

-  Do you find Zero Percent Interest Rates - UN Interesting?

-  When 1,000 pages of legislation with Trillions of Dollars for ”Couch Warming”….. I mean “Stimulus Initiatives” becomes so boring that the largest spending bill in the history of mankind gets passed without even being read and “Cram Down” becomes part of everyday business jargon….Well Inquiring minds might like to know who’s been cheating on their taxes in Swiss Bank Accounts…

 The New Transparency - Hiding of Assets Overseas Comes to and End?

As the Global Financial Markets Continue with the Negative Feedback Loop. - We needed more signs that things are changing - Now the Rich and Famous may be getting nervous as Swiss Bank Giant UBS has come to an agreement to disclose clients in the United States that opened bogus business entities to avoid paying US Taxes.   

Slap on the Wrist for UBS ?

Word of an agreement between UBS and the IRS came quickly Wednesday, with a mere $780 million dollar fine. Come on guys, not even a couple of Billion? These days a few hundred million is government chump change.

Just an Honest Mistake? - Who’s Really on the UBS List?

According to the Associated Press, Devlin Barrett’s article goes on to state that the IRS is calling on tax cheats to turn themselves in. My question is will they make the entire list public, and what about all the other tax cheats, like the Treasury Secretary - Perhaps Tim has an account over there?  I guess all they will need to do is say they made and honest mistake.

Euro Head and Shoulder - Trend Line Break In Play

EUR-USD Daily Chart  - (Click Chart to Enlarge)

Last Week I pointed out this Head and Shoulder pattern on the Euro that was poised to break the neckline. I received comments that his was not a Head and Shoulders, to which I reply - It’s a strong Support Line no matter what you say… And it is now broken. Where it goes from here, Who knows - the fundamentalists will point the blame on Eastern European Banks, or some other scapegoat if it continues down… If the Euro strengthens, It won’t be because of Trichet.

Pound Sterling Consolidating against the Dollar

GBP-USD  4 Hour Chart  - (Click Chart to Enlarge)

The Pound is Poised for something as this chart shows it has gone sideways

long enough.

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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.

By Jerry Furst- Sr Analyst “1st on Forex” www.Investors-Education-Network.com

Dr Evil from Austin Powers only asked for a few hundred million

The good news may be that with this much desperation, perhaps we are closing in on the bottom. A test and bounce off of the November lows for the S&P would be nice… Let’s face it Two Trillion Dollars can go a long way – at least it used to… You just think that they would know what they are going to do with it!

On Tuesday Barack Obama fielded questions at a Town Hall meeting in Fort Meyers Florida – by a homeless woman looking for her own bathroom, an unemployed man who was looking for his full paycheck to be provided by unemployment insurance, and a part time McDonalds employee looking to get a “real job” as a broadcasting disk jockey…

US Treasury to “Stress Test” Banks

What does that really mean? The US Treasury Secretary stated it was to be interpreted as a medical term. Does this imply that the smaller regional banks – (the ones that do not have Government medical insurance – the ones small enough to fail) will be subject to the stress and strains of the market – and allowed to hit the floor?

Pass the Preparation “H” Please

Tim Geithner, Ben Bernanke, The heads of the US Banking System, The US Congress, the New President Barack Obama, The Media, The late night pundits, the bloggers, and the general public - We All have been sitting in the “Hot Seat”

Don’t Smirk Europe – The G7 Meets this week – We will pass you the tube!

Accusations of Nationalism and Protectionism is flying across Europe. Puttingthe Euro and the European Union on a stress test of it’s own… can this 10 year old, un-ratified union stand the strain?

My friends… as Jon Stewart on the Daily Show Stated…. “We are ———-“!

In the Mean Time…. Gold and the Dollar

The US Dollar is still a place of safe harbor – for now – But Gold is Inching upwards towards $1,000.

Gold ETF - GLD Daily Chart - (Click to Enlarge) Pushing Through Resistance with a nice upward trend channel.

EUR-USD Daily Chart (Click to Enlage) Head and Shoulder Pattern - maybe - maybe not - but theer’s a nice supporting trend line.

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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.

By Jerry Furst- Sr Analyst “1st on Forex”
www.Investors-Education-Network.com

Charts are showing some nice trends and patterns but seem to be stalled since the afternoon of the New York session.

EUR-GBP 4 Hour Chart (click to enlarge)

The Euro-Pound is showing a nice Head and Shoulder pattern with a strong supporting trend-neck line. The Neckline was broken early in Thursday’s New York session but then paused.

Dual Head and Shoulder Pattern on Euro

EUR-USD 2 Hour Chart - (click to enlarge)

Shows a great example of a fractal pattern with two Head and Shoulder Patterns. Notice some of the
identical features - despite the different size of the patterns.

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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.

Economic Calendar Full of Data and News

This week has lots of potential for momentum trading as Interest Rates for the UK, Euro Zone, and Australia will be watched closely. 

The employment situation will be highlighted with ADP  and other reporting agencies leading up to Friday’s Non Farm Payroll.

Lot’s of other data coming out as well - so don’t get caught by surprise - mark your calendar and trade accordingly! 

The Week Ahead Calendar and Webinar - 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.