Sir Pipsalot's Daily Market Update 11-12-2009

Hey folks,

The long term downwards bias we've held over the past few weeks remains somewhat intact while the markets sort themselves out near these highs. Each swing in the markets shorter term has been met with indecision and resistance, so I'm refraining from updating the specifics on the trend outlook until the picture clears up more on currencies.

Stocks did make a new recovery high today though and it looks like we've got a bit more up-down left to do with stocks before the rally is over and the next long term wave of the bear market begins. It looks like the S&P 500 should rally to about 1120 before topping out, so a good short to medium term strategy would be to buy on any dips in stocks. Longer term, if you're short and can survive a run to around 1120, I'd hold. If you're nimble enough to get out on a small dip and get back in at a higher level, consider doing that.

In news Wednesday, nearly hitting our triggers on UK Claimant Count Change produced a pretty solid move, and the BoE Inflation report was all over the map with a whipsaw, and from watching the action, I think there was some form of market manipulation or intervention to make the report seem more dovish (it was actually somewhat hawkish) than it was by causing a sharp market selloff. There's no news due out Thursday, but there is a report worth trading early Friday morning that I'll preview:

0200 EST (Friday) German GDP q/q (0.8% expected) - This report should move EUR/USD about 40 pips. Sometimes the move is a bit more gradual with half coming quickly, and then follow-through for awhile after.
If it comes out at 1.2% or higher, EUR/USD should rally 40 pips.
If it comes out at 0.4% or lower, EUR/USD should fall 40 pips.

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

 

Attention!!!!!!!!!

Sir Pips,thanks a lot.....

I have been mailing support@profitmongers.com and no reply?

What's happening:shocked:

 

I'd double check your email. Crazy Cat says he's replied to everyone.

 

Sir Pipsalot, did you mean 1200 here, or maybe 1120? The S&P is at 1100 now.

Many thanks for sharing your forecasts. I'm getting the hang of trading the news although my news services are way too slow to get the initial spike. I noticed that when people ask how someone can be so quick there's never a reply. Just tell us this, when someone subscribes to your trading room, how fast do they get the news? Can you guys usually publish the direction of the spike in the trading room *before* the big move?

 

e-mail response

Sir Pipsalot,
I am a beginner, and FPA was the best discovery about forex so far, why I went there quite the Profit Mongers, but already sent 2 emails requesting a payment like bank transfer and had no response, I am in Brazil and I have no credit card by enquanto.quero much to learn from the profit mongers, I want to pay, but need a form of payment
Congratulations for the great work.

 

i have hanged in the market

can i get some assurance that EUR/USD will rise to 1.5000 agin?i place a trade 2 days ago at 1.5027 now,it is at 1.4858. what do i do?i i just cut out of the trade or still live it?

 

Sorry, in yesterday's signal I said the S&P had the potential to rally to 1020, I meant 1120. Sorry for the typo.

 

Sorry Falmi, you need either a credit card or paypal to subscribe to Profit Mongers.

 

Well, I've been short since 1.4910 weeks ago and have maintained a neutral to sell bias ever since. If you're taking a trade against my bias and against my advice... why are you asking me how to manage it?