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Obama is scheduled to speak on the Ukraine 4:45pm. He may not even be half an hour last this time. And while we are waiting, we just got this:
Perhaps this confirms there are no Russian troops on the ground after all.
Well that was quick:
And... that's it: no statement on what if anything the US will do if Russia keeps its presence there and continues piling troops and equipment.
With the Ukraine now openly appealing to the world to halt what in its own words is a Russian invasion, it only made sense that after the bigger than expected downward revision to Q4 GDP, and the miss in Pending Home Sales, that the S&P would close at a new all time high. Oh, there was that surge in the Chicago PMI which confirmed that the February weakness across all other data was not due to the weather, and which is all that the market decided to focus on.
And so once again, the fact that it was 3:30 pm at the end of the day - easily the most "fundamental" driver of stock valuation in the past five 5 years - overruled all bad news, or is it good news? It is confusing what the catalyst for stock surges any more is - is bad good news great, or is good news greater - aside from the Fed's relentless growing balance sheet of course.
We are at a loss what else to highlight here: maybe the fact that despite the sheer euphoric idiocy the Nasdaq did finally closer lower.
All one can do at this point is sit back and laugh at the complete abortion that Ben Bernanke's, and now Janet Yellen's centrally-planned "market" has become.
But... hadn't this brilliant, vacuum-tube controlled market priced in every possible Ukraine contingency? Or maybe the GDP miss wasn't bad enough?
As the single currency has maintained a firm undertone after staging a strong rebound from 1.3643, suggesting near term upside risk remains for the rebound from 1.3643 to extend gain to 1.3740, however, price should falter well below resistance at 1.3773 and bring another decline later, below 1.3660 would bring
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As the greenback has fallen again after meeting renewed selling interest just below the lower Kumo, suggesting near term downside risk remains for the fall from 102.83 to extend weakness towards previous support at 101.39, however, as broad outlook is still consolidative, reckon downside would be limited to 101.00 and
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Although the single currency slipped yesterday, lack of follow through selling and current rebound from 138.79 suggest near term upside risk remains for rebound to 140.75-80 and possibly test of resistance at 141.27, however, still reckon upside would be limited to 142.05-10 (61.8% Fibonacci retracement of 145.69-136.23) and resistance at
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Despite last week's brief rise to 1.1194, the subsequent retreat formed a shooting star on the daily chart, suggesting consolidation below this level would be seen and pullback to the Kijun-Sen (now at 1.1067) cannot be ruled out, however, reckon 1.1000 would limit downside and bring another rise later. A
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