Sir Pipsalot's Daily Market Update 11-09-2009

Sir Pipsalot

Former FPA Special Consultant
Messages
511
Hey folks,

Outlook Summary:
Roughly the same for EUR/USD, GBP/USD, Gold, Silver & Stocks:
Longer term: SHORT with entry opportunities now.
Shorter term: Frustratingly neutral. Wait-and-see mode.

It looks like we made some excellent predictions with the news items on Friday with great guidance on both CAD Emp and US NFP, but sadly, the longer term downwards bias has yet to prove fruitful. As I said last week, we need a decisive turn lower by sometime Monday (today) or else the odds will favor this being an extension of the prior uptrend instead of a general reversal lower. This is true mainly on EU, GU, Gold, and Silver, but the S&P 500 (stocks in general) could end up diverging... we'll see. Essentially we're in a "wait and see" mode to start the week, and if things don't turn lower soon, many held longer term shorts will have to take a loss.

On stocks, 1078 (S&P cash) is likely the next potential topping point for stocks. I had thought 1071 would contain this rally (it did Friday), but with further USD weakness and a bit of strength in futures, chances are stocks will work to that next level at least before turning lower. My mental stop bailout point on my shorts though is around 1090.

As I already mentioned, both news items from Friday worked ideally for us. I recommended a USD/CAD long before their Employment figures and if you got in long an hour before, it peaked out 100 pips higher shortly after the numbers came out low. The US Non-Farm/Unemployment Rate numbers came out poor along in the scenario D arrangement I described and traded just as I predicted with a big spike 80-90 pip spike down on EUR/JPY, a nice, steady 1 hour move lower on USD/JPY, and a clear reversal situation on EUR/USD where it dropped 50 pips quickly, but turned around into a 100 pip rally from those lows topping out 60-90 minutes after the release. Hopefully one of those outlooks helped you find a trade there. There's no news worth trading on Monday, so we'll wait until tomorrow's signal to preview the news items due Tuesday.


That's all for today's update. If you'd like to learn more about trading or trade along with myself and my collegues, come join us at Profit Mongers. Our subscription is very reasonable at $179 per month, and right now you can sign up for a 2 week trial to get started for only $29. This offer is for new customers only.

To our success!
Sir Pipsalot
 
I Truly Appreciate, Thanks Sir Pips!!

It was truly a great trade last week!! I've already closed my short positions. though i took a little loss, it was a profitable trade since i took a lot of profits as u rightly advised. Thanks again for your help and insights!!:)
 
Thanks a lot

Nice job! You're are the man!!!
FYI, u've been promoted 2 a 2 STAR GENERAL.
 
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