"Yes, we can"

Great day for America and for the world at large. Not much of a surprise, but a great day nonetheless. Difficult to gauge the short to medium effect to the markets as this is virtually a non event i.e. been priced in already, but we can probably assume the worst is over even if we're now in for a long convalescence.

So, is this going to be just another day today?

EURUSD: taking a pause right now, but swings are clearly identifiable on the 60mins chart. Over the medium term, the US$ should weaken a bit the the next Fib/MM level.

ER: also taking a pause at stall level just south of 550. Difficult to say whether the market is ready to test 562, and as we all know the adage says "buy the rumour, sell the news" so we may just see some retracement today. Shorter time frames will help with determining a direction for the day. Mid term, i.e. by end of week, it is clear that we have to test the 562 level.

ES: Here the 1000 level has been already hit, and we have a target in the 1000-1010 range so it is difficult to anticipate what's coming next except these are serious resistance levels. No offence to the new President Obama, but the markets may not necessarily rally as much as voters and citizens of the world on this new dawn for America.