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S&P 500 down 2nd day in row; oil down 5%

Even though the S&P 500 still has given me a clear overbought signal, it looks like the momentum to the upside is slowing at these elevated levels near 2430. I notice that the 200-day moving average is a whopping 8% below market prices. The low of just last month is a full 3% lower than today's prices. A correction could bring us to those levels.

Oil is really taking it on the chin today, down 4.75%. The recent low below $44 is not far off. We could see continued selling in June.

Gold has been incredibly strong over past 30 days. It hit a recent high of $1,296 but has not hit my next key level of $1,306. The MFI indicator tells me volume is decreasing recently as gold has rallied.

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Application Test

  • 1. A _________ is equal to 0.01 for exchange rates expressed to two decimal places, or 0.0001 for exchange rates expressed to four decimal places.
  • 2. A _________ is used by most forex brokers to close out an open position at the end of the business day, and reopen an identical position as of the next day.
  • 3. A carry trade is based on the interest rate differential between two currencies. The idea is to hold _________ the currency with the higher interest rate, while holding _________ a currency with a lower interest rate.
  • 4. If you have positive carry, your position _________ money while it is open, but if you have negative carry, you must _________ interest while the position is open.
  • 5. "Trading on the technicals" refers to trading based on information derived from _________. This is also known as technical analysis.
  • 6. "Trading on the fundamentals" - or "trading the news" - describes traders that attempt to predict the effect _________ such as interest rate changes and labor reports will have on an exchange rate.
  • 7. Fundamental analysis is the study of _________ in an attempt to predict future market conditions.
  • 8. A _________ order is executed immediately when submitted and is priced at the current spot market rate.
  • 9. A _________ order is an order to buy or sell a currency, but only when certain conditions are met. These conditions are in the form of instructions and are attached when the order is first created.
  • 10. A limit order that has not yet been executed, is said to be _________.