Weekly Forex Update-- Let the selling begin!

This week has been on the crazy side with equities significantly selling off with the Dow having its worst day since June will falling over 250 points.  There continues to be fear in the markets with poor earnings and even poorer projections of what to really expect to see in the market as far as growth is concerned.
I would look for some continued downplay with Gold and Stocks especially until things get settled with this election and who the next President of the United States will be.

The Euro made a nice 70 pip push to the downside on Friday but ran out of steam and retraced all the way back up and into more consolidation for over the weekend.   GDP numbers were more encouraging today up to 2.0% instead of the projected 1.9% and allowing the markets a little breathing room.

I'm still looking bearish on the markets right now and believe we will see some continued strength with more Sellers stepping in and the markets falling lower.  Keep an eye out for this, and with options expiring to the downside.

have a great weekend!

-david