Dispute,accusations and manipulations.

The latest U.S.-China currency dispute
has raised the specter of a global trade war.
Huge differences remain on U.S. accusations that China deliberately undervalues its currency to gain a trade advantage while similar accusations are being made against the United States.
The dispute over whether China and the United States are manipulating their currencies is threatening to resurrect destructive protectionist policies like those that worsened the Great Depression in the 1930s. The biggest fear is that trade barriers will send the global economy back into recession. A law the United States passed in 1930 that raised tariffs on imports is widely thought to have deepened the Great Depression by stifling trade.
A more market determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals is currently the key discussions at the G20 summit.
The Dow on Friday is 5 market days to Index/options futures expiry.
The Moslem Haj holiday is on 17/11/10
9:30am:--Bearish 60.0 points gap down.The causes:-increasing European sovereign debt concern, a sharp drop in Chinese shares and a profit warning from tech bellwether Cisco (CSCO).
10:30am:--Attempted rebound failed with more bearish hammers.
11:30am:--Hangman near the bottom.China's inflation worries.
12:30noon:--Bears at session low,graveyard dojis.
1:30pm:--A rebound to bear pivot resistance.
2:30pm:--A second attempt at bear pivot resistance,bulls noted.
3:30pm:--Failed to test the MAV resistance.Bears profit taking.
4:00pm:--A bullish harami closing.
We have a first week of bulls followed by 2nd weeks of bears nearly wiping out the first week gains.
As for today the overall candlestick is a weak bullish inverted hammer and it has to shortcover again
The US stock market was pulled down by intensifying concerns over the eurozone economy as laggards Ireland, Spain, Portugal and Greece struggle to deal with a growing sovereign debt.

Data out of China showed a roaring inflation beyond central bank targets, which raised speculation of an interest rate hike as early as this weekend.