Even CNBC is getting on board!
Every day while I am trading I have CNBC business news channel on. It offers some breaking news items but mostly I like to watch it for entertainment purposes. Occasionally they will discuss the currency markets, they have some pretty decent experts talk about the USDJPY or the EURUSD, usually very basic and big picture. Well, today was a different story. Today CNBC interviewed an expert who was showing a chart of the US stock market, the dow index, next to a chart of the EURJPY currency pair. He was showing how the EURJPY and Dow index move very closely together. And, he pointed out, that EURJPY is very close to breaking an important level at 161.00, and if that happens and this pair continues up, he expected THAT to be a very good signal that the US stock market had indeed made a bottom a few weeks ago and would be heading back UP. Wow, I was surprised and pleased that the media was trying to pay more attention to technical analysis, the media has for so long been strictly a news and fundamentals purveyor. So there you have it, technical analysis has finally caught on with the media. Hope that does not mess it up for all of us tech traders!