FOREX-Euro falls as Ireland debt worries persist

The bad for Euro, good for U.S. dollar (by extension bad for gold and silver) news shoved onto the newswires until the weak hands are no more. The tape in the Euro, which also means gold and silver, will turn when the leverage money flows have been repositioned. The COT data will report some of this repositioning later today.

This is the beauty of the mindless herd. They are ruled by their animal instincts. This makes them easy to control.

Jesse Livermoore, one of the all-time best, encapsulates success (on Wall Street).

Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn.

That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have the brains they cannot sit tight.

There lies the foundation of success, be right and sit tight. If you have no idea what I mean, you will lose.

The dollar rose against the euro on Thursday after an Irish political party said it would vote against an emergency European Union bailout for the country and a ratings agency cut Ireland's sovereign debt rating.

The euro fell to session lows around $1.3169 EUR= and was last trading at $1.3185, down about 0.5 percent on the day.

Source: reuters.com