July 17th, 2008

The market has been bit whip saw today, especially in the US Dollar pairs as the EURUSD remains in a consolidation pattern from the 1.5302-1.6037 rise, while the 38.2% of the 1.6037-1.5799 correction at 1.5890 continues to hold. The only pairs trending today were the JPY and CHF crosses as there was little to no correction with these pairs today on the intra day charts which would have allowed us to send an alert to enter a long position. We are watching 168.03 level on EURJPY as this is the 61.8% of the 169.66-165.39 fall as this is sort of the line in the sand for the move lower and will need to hold for the fall from 169.99 to be considered impulsive as opposed to corrective. Our trading results remain modestly positive for the month as we are witnessing a bit more choppiness in the market thus far in July as opposed to the trend friendly environment favorable to our strategy during the months of April, May and June. We are very confident the month will remain positive and with a little favor we expect the remaining half of July to see favorable results and continue with our winning performance.

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