As I stated yesterday in my forex blog, it looked like the EUR/USD was nearing solid support and I was thinking about going long on the pair.  Since then, the EURO has rallied in the forex market about 40-50 pips.  I unfortunately did not make a move since I was waiting for the pair to at least hit the support line. 

I listened to Greenspan's speech on Bloomberg radio this morning and he spoke a lot about the ability of the economy to endure the .com bust of 2000, the September 11th attacks, and now the high energy costs. He states that the reasoning for this is that the US economy has a great deal of flexibility. I agree that the economy has been resilent but I can't see how it will remain so in the coming months. I'm waiting for corporations to pass the cost of energy on to the consumer. I think this is going to happen sooner than later. How else are corporations going to be able to increase their record earnings over the last couple of years? Personally, I have been able to endure higher energy costs...

Last year my gasoline expenses amounted to $1600. This year my gasoline expenses are $2200 and it's only October. So as I said, I will be able to endure the higher energy prices but not if additional costs are passed on to me from corporations.