Wednesday, April 04, 2007

Pre-Market Wednesday

Difficult to get a fix on the mood in the ether. Asia, naturally, followed the US to a real booming day. Europe started out on fire but is cooling off. A little red here a little green there. Futures have turned negative but fair value remains a bit in the plus column.

The USDJPY chart is meandering up and down in a tight range and I think that's what the day will look like - an initial jump up perhaps with a slow decline through the balance. I'd prefer it the other way but I just don't know. I do know that we are overbought and that usually means a down day - if not today then tomorrow for sure.

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