The Big Day

Surprisingly (or not), the consumer confidence index went down to 50.4 with expectations for 56. This shouldn't be a surprise to anyone. Gas prices are the super-high, food prices are soaring, and getting a loan is tougher than two years ago. No consumer will be confident in that situation. The dollar took a dive after the report, Forex Funnel made $100.

Today there are two important reports and announcements. The first one is oil inventories, which, as you know, can make oil price be very volatile. However, the most important announcement for today is the new Fed interest rate. This should make the dollar move.

Today at 2:15pm EDT we will finally know if Bernanke is trying to avoid inflation, avoid a recession, or wait another six weeks before deciding. Watch out for your positions.

Good luck trading today,
Nadav

nadavs