“We’ll Meet Again”  

The much anticipated Historic G20 meeting in Washington this weekend leaves me wanting something more – and yet the status quo seems so comfortable.  My hunch that this would be a meeting to have more meetings until Obama gets “steeped” into his new gig was spot on.

Spot and Stock Markets Will React on Monday

The markets may have wanted something more substantial that a agreement to meet on the 101^st day of the Obama administration – The communiqué states that the Group of XX  “will meet again by April 30, 2009, to review the implementation of the principles and decisions agreed today.”   Reminds me of the music from the final scene from Dr Strange Love as the bombs go off… “We’ll Meet Again… Don’t Know Where…”

Bush Says,  “Goodbye”

Outgoing US President Bush hosted the world’s leaders at the White House on Friday and seemed to want to enjoy the photo op – but the body language of the other leaders seemed to be impatient. Market News International reports that the president’s last word at the microphone was “goodbye”.

 The Official Declaration and Communique - Has the Last Word - In Error! 

 I found it interesting that at the bottom of the official communiqué was the message. [an error occurred while processing this directive] –  (Click Above Image)

Click Here for the entire Communiqué from the G20

http://www.g7.utoronto.ca/g20/2008-leaders-declaration-081115.html

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

Search for a Bottom Continues

Back on September 28 I stated that,  “Chicken little was “buying Puts on SKY”" - I believe that the trade is probably profitable - As the search for a bottom continues…

With an unscheduled interest rate cut by the US - coordinated with the other Central Banks not helping calm or give confidence to the markets - Could ths be the capitulation - or just a stop along the way?

Tipping Point and the Chinese

Rick Santelli on CNBC is saying that we are at the “tipping point” and he was seen waving the white flag for the credit markets.  As Rick was speaking -  I was just reminded of the old “Tip Jar” joke sign that says “Tipping is Not a City in China”, and wonder what the Chinese are thinking - and doing…  Let alone the free worlds other friends that are flush with Dollars …

Earlier This Morning Developments from the UK

UK Bank Bailouts and Mergers are continuing and the UK Prime Minister Brown is calling on G7 and G20 nations to come together to strategize. I think they passed a $500 Billion Pound Sterling  bailout plan. 

Personal Note and No Webinar This Monday

The “1st on Forex” blog and weekly webinar will be on hold this coming Monday and I will return Due to my focus on trading, personal, and family issues I have not been able to keep this blog updated as often as I wish lately. But Stay Tuned… and Subscribe with the subscription box on the left panel here. 

I am travelling now to Orlando for a conference and will return next Tuesday - So in the mean time - trade safe.  I’m going to Disney World…!

Register for Weekly and Special Webinars hosted on FX Street

You can register for my webinars by visiting the www.Investors-Education-Network.com web site

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.

EU Meets Over the Weekend

Pumping in liquidity and propping up businesses was front and center this weekend as a crisis in confidence is being headed off by a symphony of concerted action by central banks and governments and the EU nations trying to maintain composure on their alliance. 

The Financial Times is reporting that the EU Leaders are making statements vs proposing action to . “deal with the worst financial crisis since the 1930’s” ) click here for article

The Week Ahead

G7 Meets This Week, BOE releases Interest Rate Statement, FOMC Minutes will reveal what Bernanke and team were thinking at their last meeting.

Other Scheduled Events …

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.

Financial Markets in the Hands of Congress - Working Through the Night

 Tensions and Anxiety - Buying “Puts on SKY”

Talk of  “the end of ____________” run rampant - fill in the blank with whatever you want. Conspiracy Theorists are having the spotlight as Chicken Little is buying puts on sky! Either this will turn out to be the best bottom - capitulation in history  or it may be the end of history as we know it.  Sounds Dramatic - It Is.

More Bank Failures - Public Pissed - Professionals Pause 

As Washington Mutual crumbled into the arms of JP Morgan last week, Rumors are rampant that Wachovia Bank is on the edge. It’s amazing for me to talk to people from all walks of life and get their perspective on the current chapter of the financial crisis.

Three Perspectives

The general public:  is clueless, angry,  and scared -

The savvy and optimistic  financial investor:  believes that this is the best time to get in to the market and assures me that big money is sitting on the sidelines, starting to buy and waiting to buy more.

While others that have studied the deeper issues are looking at the current global picture and are telling me things that I prefer not to print.

Stay Tuned….

The 1st on Forex - Week Ahead - Summarized Calendar and Webinar

The Week Ahead - Summarized Scheduled News Events Calendar - 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.

Heeeees Baaaaack…..What’s that Sucking Sound?

I encourage people to forward the link to Ross Perot’s web site to all concerned - http://perotcharts.com/

From the newly launched Ross Perot Web Site: “The American people must wake up and face the reality that promises made in the past will soon bankrupt this nation. These problems are explained in an easy-to-understand chart presentation“.

This Weeks Calendar

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 -June 9-13 

Jerry’s International News Watch for - June 2- 6

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

Interesting

Traders should be aware that scheduled news events for the first week of June are nothing to go on vacation about! The Interest rate announcements from the UK and Euro Zone will be crucial to watch. Australia gets Interest Rates for June  started on Tuesday with the Royal Bank of Australia announcing their interest rate intentions. Wednesday has Royal Bank of New Zealand weighing in as well

Hints of a Rate Cut - Unlikely

Inflation worries are putting pressure on both the ECB and BOE Central Banks to raise rates  - and it can be expected that no discussion of rate cuts will seen. Anything that hints at a rate cut would be a shock to the markets.  

This Weeks Calendar

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 News Watch for US - June 2- 6

Jerry’s News Watch for International  - June 2- 6

For a Live Review -  Register for the Free Monday Webinar “1st on Forex”  Click Here

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

The Loonie in the Box  - 1 Day Later

CAD-USD 60 Min May 23, 2008 10:30am EDT (Click to enlarge)

The CAD-USD pair 24 hours later is still going sideways in the box. The chart above overlays the previous posted with current price at time of posting. The current range of 0.9878-0.9825is being tested to the up side with the 10 am 60 minute bar opening at the low end of 0.9834 and topping out at 0.9877 - closing near the top at 0.9872. That’s 43 pips - which is approximately  the same width of the box.

Aussie Doing the 2-Step - Back up

AUD-USD 2 Hour Chart May 23 2008 10:30am EDT (Click to enlarge)

The Stair step that I posted May 21st around midnight took the step down - and in the process broke the trend channel. Price has since bottomed out at 0.9542 and is reversing to the upside. As of this posting price has exceeded the 75% retracement and stepped back up into the previous range above resistance.

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Survey and 15 or 30 Minute Consultation.

Do You Have a Checklist?

Send me your routine by posting comments and next weekend I will post mine…

Back Up Your Data Now!

Everything in Life is Temporary - especially electrical components! Not that long ago my main trading systems Hard Drive gave me a “”Black Screen of Death” that’s the one with the message that says, ” Disk Drive Read Write Error - Press Control Alt Delete”. This message does not say have a nice day at the end…

Redundancies - and Planning for Failures

My background in computers is extensive as I began my career at IBM in Boca Raton in 1980 - two months before the IBM personal computer was placed on the market. Bill Gates would walk the halls in his K-Mart clothes - probably mumbling how lucky he was that IBM was fighting for it’s life in a anti-trust lawsuit. But that’s another story - Anyway, my technical background has me already prepared for computer breakdowns. I have three computers at the ready at all times. Two of them on as I am trading with my trading platform and charting services configured. So I had no Fear or Panic. Trading goes on - However….

Never Trade When You Are Distracted!

I closed all my trades and began the process of determining just how bad the situation is and when I realized my drive was corrupted - I promptly removed it, and installed a 100G drive that I had bought about 6 months ago and began my rebuilding process.

Do You Have Your Restore Disks?

Once upon a time when you bought a computer you received a nice thick manual telling you how to use and maintain your machine, along with all the software to reload your system to factory specifications. Today, many machines do not come with these resources. If you have them - find them now and put them in a safe place where you will remember where they are. If you do not have your restore disks -Your computer manufacturer may have provided a way for you to create them with one or two DVD’s - or you may need to call your manufacturer and request them to be sent. (Don’t be surprised if they want to charge you some $$$$ and even worse - be prepared that they may not send you the right disks.)

Out with the Old?

If you are not technically savvy you have a few options. You may consider buying a new system, especially if your current system was over 3 years old and getting slow. If you do this - consider making your old machine a secondary -or even a third backup system. Consider stopping into your local computer store (not necessarily the big nationwide chain) and get to know your local computer geek - they may become your best friend when you need them!

Bottom Line - Back Up Your Data and Keep Your Cool

Today you can buy an external Hard Drive that attached via USB for less than $50 US. This type of drive helped me in the past during a prior Hard Drive failure when I was able to boot my machine into “safe mode” and transfer my important recent documents and files - before proceeding with repairs and overhauls to my system. Having a regular routine is part of being a professional - whether it is trading or anything else! Backing up your data is a routine I encourage each and everyone of you to start doing - TODAY!

Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN), he is also a mentor and trading coach to select clients. And occasionally a computer geek!