A BAD DAY FOR SPAIN

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It was a very slow day from the Asia open into the U.S. session. EURUSD only had a 60 pip range and gold was sitting there with about an $8 range at 8:00 A.M. Chicago time this morning. Trading was very slow, with action more like the stop hunt variety; sharp moves with no follow through in any direction.

Then Egan-Jones down graded Spain from BB+ to B, at about 10:40 A.M. and the race to the bottom was on; gold hurling down $30 before it was over [the last $10 a pure 100% dealer stop hunt] and the euro going down about 60-70 pips.

Earlier, on a buy signal from the algorithm, I got long EURUSD and we rode it up for about a 0.2% gain on the day; I got out when prices stalled but equities kept rallying.

Today was one of those days that really lacked any kind of trading action. Granted the ranges got put in, but not in the traditional way I would like to see. We get much better action when prices start making their move in Asia or Europe, then finishing up in the U.S. session.

This is our last full week trading at Hotforex. If you would like to participate in the new PAMM at our new brokerage house, drop me an email at vegasxau@ymail.com for details.

Have a good day everyone.

-vegas