Details Coming Soon….

 Meanwhile - Technically Speaking

EUR-GBP 15 Min Chart (click to enlarge) Shows a beautiful Technical Analysis Lesson

-  “High and Low Water Marks from 0.90 to 0.8925

- Consolidation

- Possible Inverse Head And Shoulder Forming Right Shoulder

- Fibonnaci Extensions and Retracement with “potential Price Targets

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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.

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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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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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.

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.

Obama Administration Takes Reins of US Infrastructure

Housing - Insurance - Banking - Automotive Industries all fall under Washington’s control. With eyes on the health care system - education - transportation - and…Don’t Fart - That could be considered as a carbon emission! 

Who wants to be a CEO?

By now most readers have heard that the Obama administration has “ousted” the CEO of General Motors - once the largest and most admired car manufacturer in the world.

G20 Expectations - Set at What Level?

The world has been waiting for what some have coined “April Financial Fools Day” as the International Community will either band together - or split apart.

Protectionism - Protecting Who?

An interesting group of self interests and differing agendas seem to be emerging … As for demonstrations - they are planned throughout London - but who is doing the planning - anywhere?

Sell The Dollar - Buy The ????  - Book

Peter Schiff, author of “Crash Proof” and “The Little Book of Bull Moves in Bear Markets”  gave a lecture this past weekend in Boca Raton at Florida Atlantic University. His predictions of the current crisis have given him quite a following.  During the Q and A session I asked Mr. Schiff what his prediction of what would be the outcome of the G20 meeting. His response was a short and sweet -” It will be a photo op”  - to which I asked a follow up question as to what will be the reaction of people who understand the implications - ” he said ” they will sell the dollar”  - So then what will people buy….. the Q and A shifted to the subject of Gold.

The Week Ahead - Consolidated Economic Calendar

Under “normal” conditions this would be a news worthy week with NFP - unemployment data taking up the weeks speculation - but we all know the numbers will be bad - and the markets have shrugged off bad data lately.

Check out the “1st on Forex” Consolidated Summary of Scheduled News Events for the “Week Ahead”  on the www.ienweb.com site.

USD-JPY 4 Hour Chart - Inverse Head and Shoulder Setting Up?

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.

AIG -  Diversionary Tactic?

I find it interesting that the general public is up in arms about a measly $100 Million in AIG bonuses - yet practically oblivious to the extra $1.2 Trillion dollars that the Fed has authorized. They have created the “Ouroboros” snake to print the money to swallow the US Treasuries.  

 US Constitution, Capitalism and Confidence

So much is happening so fast that the US Congress is passing 1,000 + page spending bills without reading it - at the request of the new president - Really….

 Claw Back is what everyone is seeking - to just get back to break even, to that point before Bear Stearns was slaughtered, but at what cost?

 If the rules are going to be changed in the middle of the game - constantly - eventually people will not play - then where will we be?

 Breaking contracts and taxing individuals at 90% retroactive is worse than a dangerous precedent - it borders on treason - based on the fact that elected officials are not holding up their oath to support and defend the constitution of the United States - and may be recklessly destroying the foundations of the country.

 Quantitative Easing Spreads - As Currency Wars Get Underway

I was broadcasting live coverage of the The US Federal Reserve on Wednesday when I nearly fell out of my chair to short the dollar. The video of the live broadcast is available on the www.Investors-Education-Network.com site.

Although I discussed the possibility of Quantitative Easing, I assumed that Bernanke would wait at least until after the G20 meeting to pump another Trillion dollars into the economy.

 If all the central banks follow suite - they will effectively be filling the pool with more paper.

 Budget - Unsustainable?

On Friday the Congressional Budget Office told the Obama administration that the current level of debt, budget, and spending is “Unsustainable”. The administrations press secretary dismissed the warning with a analogy of trying to pick the basketball playoffs five years out.

 From where I sit -  that’s the problem… I believe that too many people,  that should know better, are treating this as if it was just a game… Well - maybe it is…

  Reservations on Reserve Currency?

The US Dollar suffered it’s worst week since 1985, and the Euro staged it’s best ever gain since it’s 1999 inception. Gold surged on the Quantitative Easing surprise, and some analysts expect Gold to retest the $1,000 mark. Is this the end of the Greenback?

 Signs Earlier in the Week?

The currencies showed no reaction to fundamental surprises on Monday and Tuesday.

 TICS Data - Amazingly Horrible - Setup for FOMC?

The Treasury Inflows were astoundingly weak with a negative $43 Billion versus expectations of a positive $44 Billion. Was this a factor in the QE decision?

 New Housing Starts??  - Signaling a Real Estate Bottom?

New construction unexpectedly jumped  up 22% versus an expected negative -3.4%. Where and who is building houses?

 The glut of unsold property has not disappeared, so who and how are new housing starts getting underway? Are the government accountants beginning to start counting the boxes under the bridges? Let’s wait for the revisions next month. Let’s see what the revisions look like next month!

 The Week Ahead - Lot’s of Scheduled News and High Level Meetings

Break out your popcorn and settle in your favorite seat as Ben Bernanke and Tim Geithner will be testifying on financial regulation reform before House Financial Services Committee in Washington

 Meanwhile Back at the Bank - FDIC

Market News International on Friday reported that Sheil Bair - Chairman of the FDIC stated that…. Although the FDIC deposit insurance funds is heading to zero, she’s confident it will be replenished. as the long term outlook for insured banks is “very good”

 This as Ben Bernanke on Friday addressed the Community Banks and reassured them that opportunities are available and that they need to continue lending. As for “too big to fail”, Bernanke indicated oversight is needed - which drew large applause. Bernanke said the Fed will support housing market and FDIC for now, but will taper off and withdraw.

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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”

at Investors Education Network.com

Mid Week Review

As we await Interest Rates from the ECB and the UK.

The fools on the hill continue to entertain us with their multi-trillion dollar show…

The Cast of Characters:

The President, The Fed Chairman, the Treasury Secretary, the Prime Minister of the UK, and Jimmy Rodgers!

So far this week has shown…

An amazing Soap opera of intrigue as the President of the United States suggested that it might be a good time to start buying into the stock market for “the long term”.

Tuesday Fed Chairman Ben Bernanke took the hot seat for Senate testimony and amongst some of the things he said was….

“There was Failure of oversight….”

Looming Commercial Real Estate Crisis

AIG’s Financial Product Division was separate from their New York State Insurance company…. (However they both seem to be on the same ship….)

Rewarding the Three major credit agencies, despite their lack of any credible ratings - seemed to be ok with the Fed chairman

Bernanke Dodged the question

When asked, “Should banks, using taxpayer money to bail them out, charge those same taxpayers in excess of 20% interest on credit cards?” He bailed out of an answer…

When the question of Nationalization came up - his answer was that he did not think it would be necessary - but was prepared…(that means to me- it will and basically has already happened)

A pointed question of “Do you think there are any “outer limits” as to how much money you are prepared and able to provide to bail out banks - received a vague ” there is a limit…  (just how many trillion$ is still To Be Determined)

Meanwhile - over at the White House….

UK Prime Minster Brown was not treated to formal flags and podiums… but a strange oval office press conference was had…

Key points :

The G20 meeting next month in London “must clean up the banking system” and the Prim Minister mentioned that the possibility of a “Global New Deal” is quite possible in the next few months….

Does that imply that all citizens of the earth will become equally miserable?

“The Challenges are Global”

“We need a Green Recovery”

“Regulatory System Needs Global Reform”

US Treasury Secretary Timmy Gee…

Was being lobbed soft balls in his testimony -  the most important thing I heard was that the Senate leader notified the panel that the Treasury Secretary was prepared to go behind closed doors and answer questions (away from the television cameras)  Thanks for your public service guys…  

Meanwhile - Commodity Jimmy Rodgers Over in Singapore…

Interviewed live on MSNBC Wednesday Evening by Larry Kudlow

He said he was “Mind Boggled” at how the US government is imploding and being run by…. well let’s just say he did not have nice things to say about the Treasury Secretary or Fed Chairman….

Highlights and Quotes by the ex-patriot….

• - Mainly watching the markets….
• - Supply of Commodities is declining
• - Fundamentals for Commodities “Getting Better”
• - He will be exiting the US Dollar sometime in 2009 or 2010
• - In the last 2 months “the only market I’ve bought has been China”

So there you have a mid week run down - as the world awaits the Bank of England and the ECB to lower rates on Thursday - the limplications may not have any effect as we get closer to the April Fools gathering of the G20.

 But you must admit - living in this time- let alone trading through this time is as Visa would say… “priceless”…..

 Stay Tuned… It just might get more interesting as the Governments are coming to the rescue of us all!  Makes me feel quite comfortable…

 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

 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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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

Reality on the Brink!

The global financial markets seem to be drifting in and out of a surreal stream of headlines underlined by facts that boggle any rational mind that attempts to seriously grapple with the facts of what is happenning.

It’s All a Matter of Perpsective

To illustrate where we are today in comparison to 1995 - It is almost exactly 14 years since the notorious “Rogue Trader”  - Nick Leeson sank Baring’s - the Queen’s Bank, with an untimely short straddle.  A pillar of the British Empire’s financial system for over 200 years crumbled under the “stupendous” loss of: $1.4 Billion USD (827 Million -GBP)  Staggering numbers 1,400,000,000.

Today we talk about Hundreds of Billions…. and we don’t even know where the money is going! Except maybe for some Roman shades and Victorian furniture in John Thain’s office. I just don’t get it.

Pound Gets No Reprise

GBP-USD 4 Hour Chart (click to enlarge) shows Head and shoulder pattern paused with a downward trend channel intact.

Euro Continues Slide vs Dollar

EUR-USD 4 Hour chart (click to enlarge) shows Trend Channel intact since December 2008. The Financial Times reports bank deposits at the ECB were 72.7bn Euros lower at 111.4bn

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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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