may 8th NY session update

Crude at all time highs.

BoE very slightly hawkish.

ECB confused stating hawkish then dovish and talking way too much.

The way it’s playing out on Wall Street is bearish. We have a legit 15minute close below a td line so we can sell here with a tight stop. I’m always nervous about selling S&P during US session because the Plunge Protection Team at Goldman can eat our lunch if they want to. Mostly I think the market wants to digest these speeches from today as soon as Trichet is done dribbling gobbeldygook.

Update: Forex Trade Calls EURJPY daily chart.

Check out the second picture for the updated scenario. We are working out. It seems we have more upside before the upcoming selloff. Note: this upcoming selloff will be acompanied by S&P selloff.