Love or hate charts, they continue to be a key signal for that all dominant (and possibly only remaining) market player: Johnny 5. As is tradition, there are few better chartists than Goldman's John Noyce, who continues to go against the Thomas Stolper trend and target nf 1.55 on the EURUSD, and once again sees nothing but famine, frogs and pestilence in Europe's immediate future... as confirmed by 76.4 retraces, 20 big figure spreads from fair value, a Spanish 10 year which has finally broken out from its triangle resistance level of 5.53%, and not to mention the trendline breach of the IBEX. Making things worse are the ongoing ugly developments in the S&P and the SHCOMP, some curious development in the USDMYR (502 consecutive closes below the 200 DMA), which superimposes very curious with the EURSEK, some other curious developments in peripheral spreads, and lastly, the commodity complex, which is also testing its own triangle formation, although unlike the Spanish 10 Year, from the upside.
But instead of us spoiling the fun with meaningless commentary and gibberish, here it is from the horse's mouth:
And the full presentation.CTMNW 17-06-11