Hey folks,
Not a lot to go over tonight, so I'll keep it short and sweet. Pretty much all of our biases and outlooks remain the same as they were yesterday (see 06-08-2009.swf ). The decent bounces we've seen on EUR/USD and GBP/USD may extend a bit short term here, but ultimately they will have a more dramatic turn lower likely sometime today (Tuesday) or Wednesday. As I told the Diamonds room earlier on Monday, selling the EUR/USD somewhere in the 1.3900 to 1.4000 range and selling the GBP/USD in the 1.6044 to 1.6242 range makes a lot of sense from both a position trade standpoint, and even for some more medium term swing trades. So far those resistance ranges have worked out well so I'd like to stick with them. Stocks continue to be volatile and periodically heavy, but have yet to break that 923 key support that will serve as confirmation of further downside. Once 923 breaks, feel free to load up on some short or in my case, add to the early shorts I'm already in. Until 923 breaks though, be prepared to deal with the possibility of short term new highs on stocks as we continue to top out. There was no major news on Monday, and none set for Tuesday, so we'll have more to talk about tomorrow night.
To our success,
Sir Pipsalot
Not a lot to go over tonight, so I'll keep it short and sweet. Pretty much all of our biases and outlooks remain the same as they were yesterday (see 06-08-2009.swf ). The decent bounces we've seen on EUR/USD and GBP/USD may extend a bit short term here, but ultimately they will have a more dramatic turn lower likely sometime today (Tuesday) or Wednesday. As I told the Diamonds room earlier on Monday, selling the EUR/USD somewhere in the 1.3900 to 1.4000 range and selling the GBP/USD in the 1.6044 to 1.6242 range makes a lot of sense from both a position trade standpoint, and even for some more medium term swing trades. So far those resistance ranges have worked out well so I'd like to stick with them. Stocks continue to be volatile and periodically heavy, but have yet to break that 923 key support that will serve as confirmation of further downside. Once 923 breaks, feel free to load up on some short or in my case, add to the early shorts I'm already in. Until 923 breaks though, be prepared to deal with the possibility of short term new highs on stocks as we continue to top out. There was no major news on Monday, and none set for Tuesday, so we'll have more to talk about tomorrow night.
To our success,
Sir Pipsalot
