Andrei Pehar, Sr. Currency Strategist, fxKnight.com
Known as the "Black Knight" in trading circles, Andrei is a private fund manager, consultant to management, and a sought-after speaker, trainer, and coach for professional traders and individual investors alike. He played in professional chess tournaments at a young age, earning a rating in the U.S. Chess Federation, and went on to further hone his strategic skills by studying Japanese martial arts, bringing with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques.
Click Here to view videos by fxKnight
Known as the "Black Knight" in trading circles, Andrei is a private fund manager, consultant to management, and a sought-after speaker, trainer, and coach for professional traders and individual investors alike. He played in professional chess tournaments at a young age, earning a rating in the U.S. Chess Federation, and went on to further hone his strategic skills by studying Japanese martial arts, bringing with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques.
Click Here to view videos by fxKnight
Dow Futures Take a Hit on Bad Economic Data
Posted 09-06-2008 at 12:13 AM by fxKnight.com
Today's employment data showed a loss of 84,000 jobs, an increase of 11,000 over last month. This marks the 8th consecutive month of job losses in a row, not a good sign for the US economy. The unemployment rate rose to 6.1%, a five-year high.
This news comes right on the back of yesterdays less-than-optimistic numbers:
Negative US News Causes Further Carry Unwind
The result sent Dow future tumbling another 100 points, following yesterday's decline of 344.65 points. More importantly, the decline broke a key support level at 11363, which had been holding the bottom of the range on the Dow since mid-July.
The next test for the Dow will be support at 10,814 - and what happens there may well determine the direction for the rest of 2008. Either we will continue to range between 10,814 and 11,363, or if we fall below that level we could see a big drop down below the 10,000 mark to 9926, with support on the way at 10,396 and and 10,186.
Of greatest concern is perhaps the fact that the two factors which were support to prevent a US recession (cheaper oil and a stronger US Dollar) are both here, and the Dow continues to fall despite of them.
On the positive side, if in the short-to-medium term we can get and stay above 11,363, perhaps due to some positive surprises in 3rd-quarter corporate earnings, then the potential increases for targets at 11,702, 11,977 and perhaps even as high as 12,251. If PMI and productivity numbers can sustain their positivity, then there is a slight possibility that this scenario may yet come to pass.
by Andrei Pehar
fxKnight.com
This news comes right on the back of yesterdays less-than-optimistic numbers:
Negative US News Causes Further Carry Unwind
The result sent Dow future tumbling another 100 points, following yesterday's decline of 344.65 points. More importantly, the decline broke a key support level at 11363, which had been holding the bottom of the range on the Dow since mid-July.
The next test for the Dow will be support at 10,814 - and what happens there may well determine the direction for the rest of 2008. Either we will continue to range between 10,814 and 11,363, or if we fall below that level we could see a big drop down below the 10,000 mark to 9926, with support on the way at 10,396 and and 10,186.
Of greatest concern is perhaps the fact that the two factors which were support to prevent a US recession (cheaper oil and a stronger US Dollar) are both here, and the Dow continues to fall despite of them.
On the positive side, if in the short-to-medium term we can get and stay above 11,363, perhaps due to some positive surprises in 3rd-quarter corporate earnings, then the potential increases for targets at 11,702, 11,977 and perhaps even as high as 12,251. If PMI and productivity numbers can sustain their positivity, then there is a slight possibility that this scenario may yet come to pass.
by Andrei Pehar
fxKnight.com
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