Yearning for Yen’s Ya-Ya

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I have been waiting (impatiently, which is kind of how I roll) for the USD/JPY to break. I think the time is here. I would normally post this in Slope+, since it’s a really good idea, but I’ve been all thumbs lately with my FOREX trades, so I figured I’d risk it on the unwashed masses instead. In any event, I am (once again) long the Yen; if we can get a good break of the pattern below, it’s party time, and my Slope+ forex curse will be over.

0130-FXY

K.I.S.S.

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The setup here on the last trading day of January couldn’t be much simpler. SPX bounced strongly at the daily lower band and range support at the low yesterday and on the bull scenario SPX now breaks back above the daily middle band at 2031, and on a further break of 2064 we see a retest of the highs. On the bear scenario we see a hard fail here or at the middle band test and, on a break below yesterday’s low, the next big support level is at 1957 at the 50% fib retracement and the weekly 50 MA. SPX daily chart:

150130 SPX Daily Support and Resistance

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Quiet Passing of Ten Years

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Just an end-of-day comment cleaner to quietly acknowledge something I’m stunned I didn’t remember – the tenth year anniversary of the purchase of my company (Prophet Financial Systems) by Investools. I actually missed the anniversary by a few days – – the life-changing event for me was on January 26, 2005 – – but I at least wanted to tip my hat to this very happy occasion and share the final segment of my Prophet series which discusses that final phase in my life at a startup……….