It seems to me like POMO thus far, has had no positive effect on the market today. The afternoon rise in stocks seems to be purely correlated with a regular bounce in the EUR/USD chart. This would be a significant change in character for a POMO day.
Friday, November 12, 2010
The Market and the Currency Market
One of the last posts I showed you what appeared to be 3C accumulation on a 5 min chart via a leading positive divergence. Compare these charts and watch 1 p.m. on all 3
1 min EUR/USD chart
5 min. 3C chart of the SPY
5 min SPY chart
It seems to me like POMO thus far, has had no positive effect on the market today. The afternoon rise in stocks seems to be purely correlated with a regular bounce in the EUR/USD chart. This would be a significant change in character for a POMO day.
It seems to me like POMO thus far, has had no positive effect on the market today. The afternoon rise in stocks seems to be purely correlated with a regular bounce in the EUR/USD chart. This would be a significant change in character for a POMO day.
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