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THE LOONIE WATCHER (Copyright 2006)

THE LOONIE WATCHERS COMMENTARY FOR FEBRUARY 17, 2006














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THE LOONIE WATCHER’S COMMENTARY FOR FEBRUARY 17, 2006

The market close on February 17, 2006, showed that the market conditions influencing the Loonie and the $USD have changed since our last commentary (Feb 13, 2006)

THE LOONIE

The selling pressure has diasappeared for now. Today’s price action indicates that the commercials continue to support the Loonie, and the shorts are now on the defensive. The Loonie is being viewed as too strong to sell, which confirms a trading range.

The Loonie’s near term outlook is a trading range, as the traders reassess the situation!

 

THE $USD

The $USD is still failing to attract new buyers, confirming its short term trading range. Having run out the short sellers, the market is now vulnerable to the down side.

The speculative buyers may have fallen for a bull trap, and will be quick to exit if selling begins to test this market!

The locals will test this market through their usual stop hunting!

The institutions will probably wait to see how the market acts in this trading range.

The short term outlook is a probable trading range until a tradeable direction materializes.

 

SUMMARY

The financial markets were already confused by the gold market’s recent action.

Now we have reports of George Bush telling builders to be concerned about interest rates! http://yahoo.reuters.com/news/NewsArticle.aspx?storyID=urn:newsml:reuters.com:20060217:MTFH94858_2006-02-17_19-44-49_N17381614&related=true

The new Fed’s direction, combined with an attempt to damper the rate of spending by the Congress, has thrown a monkey wrench into the current prophesies. It’s going to be long weekend for the soothsayers.

More traders will be cautious at this time!

 

Wayne N. Krautkramer onlypill@cox.net

Http://onlypill.tripod.com/thelooniewatchercopyright2006bypitagorasinternacionalsa

 

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