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Volatility was muted as GDP and Unemployment numbers came in with no surprises and barely fazed the currencies.
GBP-USD 1 Minute Chart 11am EDT
Triangle Patterns Can Work on Any Time Frame
US Oil inventories came in unexpectedly lower than expected and their was a slight pop on the charts - for about 5 minutes
FDIC: “Take your Lumps!”
CNBC’s Steve Leesman interviewed a representative of the FDIC and asked about the health of the Federal Bank Insurance organization.
There seemed to be yet another warning being issued - similar to Bernanke’s comments about possible Regional Bank failures - that given the “continued uncertainty” the FDIC would like to see higher than the “normal” minimum on bank reserves.
Other comments were that there are still some ways to go in the troubled housing market and they would like to see the foreclosures level off and get the houses selling - even if some people and institutions have to “take their lumps”
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Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.