Market update - Feb 6th '09

Sorry for this late report, but no email available yet at 39000 feet a.s.l.

EURUSD: Hanging on our short, and happy to see 1.282 being broken, even if we didn't see the acceleration we anticipated. We now aim at 1.275 short term but will remain cautious as selling pressure is not that strong any more.

ER: didn't i say the market was looking for a pivot around 444 ... ? On the other hand, no rejoicing just yet, as ER remains range bound, so better trade shorter time frames for the time being. On the way up, we have to see recent highs (~460) then pivot level ~468 to gain some upward momentum. Until then it can be messy, choppy, and even drop to test support levels again.

ES: Again, markets are highly correlated and we might have a glimpse of an answer here. ES is trying to pass MM pivot level around 844. This could lead to upward breakout, if anything to the 875+ levels. Having said that, evetything indicates continuation of this messy situation for at least a week or two.

More details on our weekly report this week-end.