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The Bullet Report


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Currency Updates:

The focus yesterday and today is on China. China A50 index corrected 8% or 1200points, the biggest drop since January. While the latest move is bearish, it could be part of a healthy correction since China A50 has rallied over 100% past twelve months.


Nikkei followed USDJPY higher, its longest winning streak since 1988. The Japanese pension fund has been switching into Japanese stocks from their government bonds holdings.


Overnight, there has been profit taking of USD positions as traders head into the last day of the month. US Jobless Claims were slightly higher than expected after some good runs past month.


Month end flows and US Prelim GDP will dominate the trading picture for today. Volatility would be expected.


May has been a month of two faces; first half we see USD breaking lower and reaching 3 month low to 93.15, only to recover to 97.80. In June, the debate will be whether USD will continue its multi month bull run to break above 100 or consolidate lower to 93.


Trading Quote of the Day: "All your trades must be at position sizes that make you unbreakable mentally & emotionally"





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