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To: ggersh who wrote (4797)	1/21/2009 6:14:21 PM
From: RockyBalboa	Respond to of 6370

Its time for a bounce albeit it might be not as powerful as the last ones. Dow lost 1000 in January and gained back 250 or so, thats the new 25% payout. You´re right, if no followthrough then it was yet another technical bounce after a financial item topped out; then traders pushed the button " all systems go". It was possibly a bottom because I managed to sell a DJ contract which I didn´t want anymore at 7980 - 2 points from the low. It was somehow more reasonable: Stocks didn´t really jump out of the gate (except financials) -250 points aren´t 1000 where you only can fade and fade so a followthrough might be possible - but then again, a 25% bounce in JPM makes me wary. Pound is technically very oversold and the relative value play to the EUR diminished because the carry is now yielding less. Though... a currency does not need to recover particularly with THIS fundamentals (if true). It probably bounced because today were no bad news and then there was the Yen thingy which made an awkward shortterm top... but to turn around a currency, long term, takes awhile. Seen from distance... today did not change very much. S&P at 840 is still near the bottom, $ under Y90 is still a high price for the yen.

To: ggersh who wrote (4797)	1/21/2009 6:44:18 PM
From: RockyBalboa	Respond to of 6370

First glance... in CCYs some stuff is reverting: EUR, Pound back, Yen up Canadian Dollar is weak, it lost against the clownbuck.-

To: ggersh who wrote (4797)	1/21/2009 9:21:48 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 6370

Looks better now for the old currencies. Traders sure have a way to heat every nickel out of a currency. It took a while but the Yen, EUR and GBP reversed course and trade as we have seen it in the US session retaking 1.30 and 1.39 while the yen somewhat weakened to 89; after the earlier yen frenzy I really found the bounce in the asian session questionable, and somewhat unnecessary but then, its kind of "energy" stored in recent prices. After all it´s still a brownian movement. In Euro Yen terms this roughly equates one point; and perhaps constitutes a higher low.

To: ggersh who wrote (4797)	1/22/2009 9:36:05 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 6370

Well.... Not exactly followthrough today, but with this kind of news? More interesting is that banks are mostly brushing off the bad news. JPM turned green. >>>>>>>>>>>>>>>>> Housing Starts Drop to Record Low in December- AP The government says new-home construction plunged to an all-time low in December, capping the worst year for builders on records dating back to 1959. The Commerce Department reported Thursday that construction of new homes and apartments fell 15.5 percent to an annual rate of 550,000 units last month from November. New jobless claims rise more than expected- AP Microsoft to slash 5,000 jobs, misses on 2Q profit- AP etc....