March 10, 2010
Euro Building Support Base for Potential Upside Breakout
The U.S. Dollar was mixed in light trading at the close in an unusual day as the normal correlations between the Dollar, gold and equities at times were not working. The lack of major

U.S.

The concept of entropy is one of the most useful terms for understanding just about everything. While it has its origins in natural law — thermodynamics, specifically — the concept holds true pretty much across all closed systems.

In the simplest of terms, every closed system will ultimately degrade toward a state of maximum entropy.

March S&P E-mini Futures: Today's range estimate is 1136-1150. I expect the market to reach 1200 over the next three months. Remember that activity will begin to move into the June contract at tomorrow's pit opening.

QQQ: A rally to 50.00 is underway.

TYX (thirty year bond yield): I think this market is headed for 5.00%.

G10 Advancers and Decliners vs USD

JPY
0.58

CHF
-0.35

EUR
-0.43

GBP
-0.67

• UK BRC Retail Sales (Feb) rose +2.2% y/y

• France’s Trade Deficit (Jan) was better than expected at EUR -3.681bn

• Switzerland CPI (Feb) ticked down to+0.9% y/y (1.0% expected, 1.0% prior)

• UK Trade Deficit (Jan) came out at a lower than anticipated GBP -7.987bn (7.00bn expected) but last month’s reading revised up to -7.01bn from -7.28bn

• An article in the UK’s Guardian reports that…

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My friends tell there are huge monies sitting in cash, awaiting some divine signal.

It’s a weird world. All logic suggests interest rates should much, much higher.