Corruption Corrodes Yen
More negative news out of Japan has pushed the yen
(
JYU0 |
Quote |
Chart |
News |
PowerRating) to
new contract lows. The yen started the session out lower after a report that an official
from the ruling Liberal Democratic Party was arrested for corruption.
Technically, the yen has looked heavy after closing below .9300 and it also has
registered on the
Implosion-5 List.Â
Many locals in the S&Ps pit place trades based on the
opening range. They wait for the first one to two minutes for the opening range
to be established, then they wait for a break, or a failure to break the opening
range by more than a given point value, approximating 2.00 points. Tuesday
morning one can see the Sept. S&Ps
(
SPU0 |
Quote |
Chart |
News |
PowerRating) establish an opening range,
test, but fail to break to the upside, test, but fail to break to the downside,
then test and fail to break to the upside by more than 2.00 points again, before
making the third and decisive move of the morning to the downside (see
accompanying chart).
December cotton
(
CTZ0 |
Quote |
Chart |
News |
PowerRating)Â is making good
on a Turtle Soup Plus One
Sell setup after spiking to a fresh 20-day high Monday.Â
Also from the
Implosion-5 List,
natural gas
(
NGU0 |
Quote |
Chart |
News |
PowerRating) is extending a week-long rally as cooling demand remains
low and on predictions of storage inventory increases.Â
Another Implosion-5
member,
soymeal
(
SMQ0 |
Quote |
Chart |
News |
PowerRating) is crumbling to new lows.
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