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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Stoctrash who wrote (10830)	12/5/2008 1:58:11 PM
From: Augustus Gloop	Read Replies (2) \| Respond to of 33421

This is nuts - I'm staying until my stop losses are hit

To: Stoctrash who wrote (10830)	12/6/2008 12:10:51 AM
From: John Pitera	1 Recommendation Read Replies (1) \| Respond to of 33421

Hey I'm on record as saying that I was very bullish the day of the low....even though we did take out 775 on the SPX. Martin Armstrong's work; normal seasonality bullishness of the Nov to April period, coupled with more clarity on the new economic team, indicates we have room to rally. Last several days have had news of massive layoffs everywhere yet market doing OK with bad news. The crude forward curve is saying that prices will be rebounding.... 25 dollar oil a very dubious proposition. The currency markets are currently the most baffling from my perspective....... I'm looking to see new trends develop. And I will have comments on these. John

To: Stoctrash who wrote (10830)	12/6/2008 12:36:32 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

I'm looking for a multi week rally in the EUR/JPY if not the bottom for the next 12 months...... We do have changes brewing in the currency markets. Part of what has confused the currency markets is the capitulation of various central banks to really get aggressive in lower benchmark short term rates, coupled with the quantitative central bank easing that appears to be occurring in several countries. I would seriously be expecting Eur/JPY to be moving at least back to 130 from this 118.27 level and we will have to examine the momentum and wave structure to tell us if this is a bigger low in the extremely important EUR/JPY. I did make several posts on this thread talking about the double top in the EUR/JPY at 1.70 that occurred during the late spring- summer of 2008. And I said it was bearish for the EUR on the cross. John