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Consumer Confidence soar, but Euro & Stock continue to slide…

The threat of Europe crisis is coming and spreading… Investors responded by doing panic sell on stocks all arround the world. U.S. consumer confidence does not seem have positive impact to the market today. Whereas U.S. consumer confidence rose for the third straight month in May to the highest in more than two years as concerns about the labor market continued to ease. Index of consumer attitudes rose to 63.3 in May, the best level since March 2008, from a downwardly revised 57.7 in April.

Euro Currency freefall continues. Today the exchange rate of euro against U.S. dollar reached 1.2175, almost touch previous low @1.250.

I only traded 2 times today. Both trades are sell position in EUR/USD. The result quite good. It’s 18 pips profit

Recent days, movements in American stock market were little affected by the sharp sell-off in U.S. stock markets early in the month and growing fears about European debt market turmoil. S&P 500 today will test support line (previous low) @1050. If this support line broken, than there a large possibility the bear will continue.

All indicator shown a bearish signal on the market. I myself don’t have any long position right now. And I have been watching some stock candidate to short. I choose stock which have high P/E among others. Here the highest P/E from Dow component

Be careful of your position and happy trading all….

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  1. June 9th, 2010 at 09:02 | #1

    I really enjoyed reading your post here and I just wanted to tell you that I totally agree with what you’re saying! It’s hard to find people that think alike these days. Keep it up

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