US Congress Returns to Work after “Santelli” Tea Parties

The Sunday morning news shows featured pundits and politicians squabbling about the “astro-turf” grass roots protests last week - and giving CNBC’s Rick Santelli the credit for “re-starting” the US “revolution”.  It is interesting to watch as the mainstream media attempts  to marginalize and dismiss the growing anger of the general taxpaying public aka: “the silent majority”. <– Watch this Spot!

Meanwhile - the US Congress Returns to Work

Isn’t it amazing how one political side calls the other “uncompromising” and then does exactly what they accuse of the other! A case in point is the unilateral “Cap and Trade” proposal. Democrat Henry Waxman says he will not compromise on the bill despite the obvious criticism that this would only force the creation of pollution - and jobs - outside of the US borders.

Euro - In the Zone ?

The ECB is squabbling about lowering rates to Zero - yet their continues to be open discussion of taking extra ordinary measures… Someting else to watch…

A Look at the Charts

The EUR-USD and USD-CHF normally display a direct inverse correlation.

A look at the Daily Charts above (click to Enlarge) of both of these may dispel any Euro strengthening for the time being as the USD-CHF seems to be trending higher and the Euro is Testing Support.

USD-CAD - Triangle in Play?

USD-CAD April 19, 2009 and Previous Post from April 12, 2009 (click to Enlarge) 

My blog post last week on April 12 showed the Canadian Dollar testing support with a nicetriangle pattern that has re-appeared. That support was shattered the next day and the USD-CAD seems to be grinding it’s way further south for now.   

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Canadian Dollar Poised for a Move?

At the end of last year the Canadian Dollar Seemed ready to retake it’s ground.

It appears as if there may be another attempt as the current Daily chart I showing a very strong trend line ready to “Bounce or Break”

Triangles Past and Present - Second Try?

USD-CAD – (above)  Potential for a drop? Chart on the Right is previous Triangle from February that  (click to Enlarge)

Head and Shoulder Pattern Completed on EUR-GBP

The 4 hour charts above on the Euro-Sterling above shows the Head and Shoulder Pattern that “grinded” it’s way slowly to completion – dropping from 0.9150 to 0.8960.  Chart on the Right is the original chart posted on April 3, 2009 when price was initially testing support(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.

Japan’s Complaint Shelved - UN Show Uselessness Again 

Last week’s G20 cooperation fell apart at the United Nations on Sunday as not even a worthless declaration of outrage was made as North Korea brazenly gives the world the one finger salute - with their other finger on “the button”. When will real leadership emerge?

Overgrown Adolescents Playing With Weapons

Can we just put a “Dunce Cap” in these these guys and make them sit in the corner quietly in a comfortable room at Versailles - before we choke on the sand we have our heads buried in… Oh… maybe that’s not sand after all…

Currencies Unfazed to Financial or Military Warfare

Nothing much seems to jolt the market these days - I guess the difference between economic and military warfare is becoming marginalized as Trillions of fiat currency floods the earth - Where’s Noah?

Technical Analysis: Japanese Yen - Gives Ground

Interesting Chart Patterns At Support - Resistance

USD-YEN - Monthly Chart April 5, 2009

Triangle Pattern on MOnthly Chart Above Faces Decision Time as Price Approaches Strong Support - Resistance level of 102 - Meanwhile on the Tewo Hour Chart …

 USD-YEN - Two Hour Chart  April 5, 2009 23:00

 Inverse Head and Shoulder Faces Monthly Resistance at the 102.00 Level

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Obama Re Affirms US Leadership The world can breathe a sigh of relief as it appears as if some sanity has prevailed and presented itself in the form of the G20 Communiqué.

Read All About The New World Order - As it is forming at the Official G20 Website http://www.g20.org/pub_communiques.aspx

Financial Markets Rejoice The equity markets soared as it learned of the success of the London Summit and Barack Obama gave a hopeful press conference that showed his leadership and “Toast Master” skills.

Central Banks Selling Gold  Disclosure that the World Bank - IMF and the Central Banks have been granted authority to sell Gold - this will allow the Central Banks to raise capital as they print more cash….and….. Artificially hold down the price of Gold by selling the reserves.

Another Week - Another Trillion - or Three!

The G20 Leaders pledged 1 Trillion Dollars to help developing countries and to support the IMF and…Meanwhile Back in Washington - Obama Budget Passes $3 Trillion Dollar Budget

FASB - Mark to Market passed but discussion is that this accounting rule change may prevent the PPIP program announced last week from getting off the ground. But that’s another story….

Meanwhile - Back at the Currency Charts 

Euro - Sterling 4 Hour Chart is setting up nice with a Head and Shoulder Pattern and …  

 The 30 Minute Chart is sporting a nice down trend channel.

 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.