Latest News 25 July 2006:

The 2675 level on the daily chart for the euro held, as I said it would
last week, in the form of railway tracks (or tweezers).

That was a good rally to sell in this downtrend, as have all other
rallies been since late June. The rally into today’s London open was just
that – another rally, fuelled by the long dumb money. So much for the
news reaction to Bernanke’s musings on interest rates. Just more noise.
Makes for good headlines.

Regarding COT (commitments of traders data), the Big Dogs are less
short, as at last Friday’s release, and the dumb money are less long. All
that means is that we should expect further price weakness, now that the
dumb money are shifting gears. The sheep are being shorn,once again.

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See today's Chart at AM Video Review

-Peter R. Bain