Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 20th of July.
"It's the economy, stupid" is a slight variation of the phrase "the economy, stupid" which James Carville had coined as a campaign strategist of Bill Clinton's successful 1992 presidential campaign against sitting president, George Bush. Fast forward to 2012 and it's the economies of the world that are stupid and on the skids.
We are coming to the end of the week and it looks like once again the Euro is on the ropes. Watch this market closely today, as it may provide an excellent weekend rule, short trade. The most recent lowest weekly close for the Euro was 1.2212 and that was eight weeks ago! A close below that level today should put downside pressure on the Euro on Monday and Tuesday.
I would also watch the banks closely. The lowest week ending close we have seen in Bank of America was 7.01 on the trading week ending May 19th. A close below that level today will bring in another round of renewed selling. Continue reading "Daily Video Update: "It's the economy, stupid""
