This is going to be a day when most traders will be waiting for the Fed minutes

this afternoon. The yen crosses are holding as the dollar is clawing back some losses

from last week.

GBP/JPY seems to have another figure or so to go before it runs into Fib resistance in the low 139’s

This was the laggard on the crosses and is now the strongest today.

EUR/GBP looks like tit could have another figure of profit taking ahead which will

keep some pressure on the straight Euro, while keeping GBP/JPY firm.

The S&P closed around 1329 last night. The direction has been straight up for 3 weeks.

I’m looking for sustained price action under 1323-20 for signs of further weakness, this is an intra-day range.

The nasd needs price action under last nights low for another 20 points lower.

The bigger game will be after 1 P.M. CDT