Sunday 31 January 2010
One Hectic Month
Well so much for keeping the blog upto date....Apologies. I am not much good at writing long winded pieces on what the markets did and will do and to be honest there are far many more gifted people already doing that, so I will keep this blog just for trades and charts and anything that I find may help people trying to trade these markets profitably.
A slow down in free money especially in China, Ol Barry the anti capitalist president and a Greek tragedy has the Risk-On crowd running for the doors. That means, sell stock indicies, eur, aud, kiwi, cad, gbp -as long as your not Kraft - gold, silver, commodities and just about anything else on the other side of Yen and the USD.
But whats in store next week? With anyone, whos anyone in the finance/banking world likely to put their own 5 cents - yes i know it used to be 2 cents, but since the demise of the world economy I´ve upped it to 5 - in over the weekend in Davos, Mondays openning in asia will be tricky to guess at best. What is certain, looking at the charts, is that we have indeed broken the uptrend in stocks. Gold and Silver still remain in their uptrends although those support lines are quickly coming into view and crude oil just couldnt muster enough support to get back above the 75.00 handle, even with a brief message from the bearded cave dweller (now turned greenie)...Like gold and silver, crude remains in an uptrend with the daily channel support at 71.70.
Currency wise, doninant down trends in the major currencies against the USD look to continue near term with rally selling the trade direction of choice. At present, possible targets for the current move would be,
Eur/Usd - 1.3650
Gbp/Usd - 1.5400
Aud/Usd - 0.8650
Nzd/Usd - 0.6750
Usd/Chf - 1.0710/20.
Most eyes will be on the Dollar Index this coming week as it approaches the 200 day simple moving average at 80.00, a daily break and close above would definitely give the Dollar bulls more ammo to continue on their merry way.
Have a great weekend and see you Monday,
A slow down in free money especially in China, Ol Barry the anti capitalist president and a Greek tragedy has the Risk-On crowd running for the doors. That means, sell stock indicies, eur, aud, kiwi, cad, gbp -as long as your not Kraft - gold, silver, commodities and just about anything else on the other side of Yen and the USD.
But whats in store next week? With anyone, whos anyone in the finance/banking world likely to put their own 5 cents - yes i know it used to be 2 cents, but since the demise of the world economy I´ve upped it to 5 - in over the weekend in Davos, Mondays openning in asia will be tricky to guess at best. What is certain, looking at the charts, is that we have indeed broken the uptrend in stocks. Gold and Silver still remain in their uptrends although those support lines are quickly coming into view and crude oil just couldnt muster enough support to get back above the 75.00 handle, even with a brief message from the bearded cave dweller (now turned greenie)...Like gold and silver, crude remains in an uptrend with the daily channel support at 71.70.
Currency wise, doninant down trends in the major currencies against the USD look to continue near term with rally selling the trade direction of choice. At present, possible targets for the current move would be,
Eur/Usd - 1.3650
Gbp/Usd - 1.5400
Aud/Usd - 0.8650
Nzd/Usd - 0.6750
Usd/Chf - 1.0710/20.
Most eyes will be on the Dollar Index this coming week as it approaches the 200 day simple moving average at 80.00, a daily break and close above would definitely give the Dollar bulls more ammo to continue on their merry way.
Have a great weekend and see you Monday,
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