Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
Not much news on tap to start the week, with nothing on Monday, so we'll look to start previewing news items for Tuesday in tomorrow's signal.
As far as the trends are concerned, obviously GBP/USD has taken a major hit with the much weaker than expected GDP figures last Friday. Overall we've been waiting for indications that the USD is starting a bullish reversal, and the dramatic move on GU may be the first key indicator of that reversal starting. We'll wait for a bit more broad-based confirmation, but I've got my eye on some potential USD longs if things come together the right way this week. If they do, we'll talk about them then. Short term is still a bit of a crap shoot so I'd prefer to see how the week starts off before prognosticating further. With EUR/CHF, I decided to close it short of my targets today at 1.5135 for a reasonable gain. There was no clear intervention and chances are the EUR/CHF will have to dip closer to 1.5050 before that's a possibility again, so I think it's best to get out with some profit here.
Stocks however seem much more clear at the moment... As I have been saying since Wednesday evening last week, the odds are stocks are set to weaken further from here and Wednesday 10-21's highs just above 1100 on the S&P500 are likely to hold for weeks and allow for some form of retracement or reversal. I am personally in short around 1081 and 1094 as I discussed in last week's signals, and I'm taking some profits when I get 10+ points in profit (already done) and holding on a good portion of the original trades for a more substantial selloff to the 1050 area and hopefully lower. I think a short on any small to medium bounces are a good way to get in if you're not in already. Right now I show S&P futures at 1080 and I think anything 1085-1095 is a good spot to enter, but even now isn't so bad.
I haven't brought up gold and silver for awhile, but as you know, I was short for awhile, lost a bit, but flipped long in early September and made it back. I've been on the sidelines since gold hit 1030, but now it's showing signs of topping out sometime in the near future. I don't know if it's quite done rallying yet, but the structure would indicate one more decent 5th wave thrust higher is in order followed by a more sizable turn south. For now, it seems gold is poised for a short to medium term rally to new highs in the 1080 to 1110 region and silver is likely to tag $18.50. I'm refraining from going long because I prefer to take only longer term positions in metals, so I'm holding out for reversal confirmation but I thought I'd share with you all what I see on both.
Not much news on tap to start the week, with nothing on Monday, so we'll look to start previewing news items for Tuesday in tomorrow's signal.
As far as the trends are concerned, obviously GBP/USD has taken a major hit with the much weaker than expected GDP figures last Friday. Overall we've been waiting for indications that the USD is starting a bullish reversal, and the dramatic move on GU may be the first key indicator of that reversal starting. We'll wait for a bit more broad-based confirmation, but I've got my eye on some potential USD longs if things come together the right way this week. If they do, we'll talk about them then. Short term is still a bit of a crap shoot so I'd prefer to see how the week starts off before prognosticating further. With EUR/CHF, I decided to close it short of my targets today at 1.5135 for a reasonable gain. There was no clear intervention and chances are the EUR/CHF will have to dip closer to 1.5050 before that's a possibility again, so I think it's best to get out with some profit here.
Stocks however seem much more clear at the moment... As I have been saying since Wednesday evening last week, the odds are stocks are set to weaken further from here and Wednesday 10-21's highs just above 1100 on the S&P500 are likely to hold for weeks and allow for some form of retracement or reversal. I am personally in short around 1081 and 1094 as I discussed in last week's signals, and I'm taking some profits when I get 10+ points in profit (already done) and holding on a good portion of the original trades for a more substantial selloff to the 1050 area and hopefully lower. I think a short on any small to medium bounces are a good way to get in if you're not in already. Right now I show S&P futures at 1080 and I think anything 1085-1095 is a good spot to enter, but even now isn't so bad.
I haven't brought up gold and silver for awhile, but as you know, I was short for awhile, lost a bit, but flipped long in early September and made it back. I've been on the sidelines since gold hit 1030, but now it's showing signs of topping out sometime in the near future. I don't know if it's quite done rallying yet, but the structure would indicate one more decent 5th wave thrust higher is in order followed by a more sizable turn south. For now, it seems gold is poised for a short to medium term rally to new highs in the 1080 to 1110 region and silver is likely to tag $18.50. I'm refraining from going long because I prefer to take only longer term positions in metals, so I'm holding out for reversal confirmation but I thought I'd share with you all what I see on both.
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