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Sir Pipsalot's Daily Market Update 11-16-2009

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Nov 16, 2009.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    I've got to keep it short and sweet today. Trend-wise, things still look a bit uneasy. There's a decent chance that the EUR/USD and related markets have or are topping out as has been our outlook for some time, but there's a lot of intermarket divergence, so it's hard to get a clear read. When the picture clears up more and I have more concrete insights, I'll definitely share them. As I mentioned last week, stocks may rally to the 1020 area on the S&P before turning lower.

    In news Monday:

    0830 US Retail Sales Ex-Autos (0.4% expected) - This report has functioned like a mini-NFP lately where USD/JPY seems to be the more reliable move. On the flipside, on EUR/USD if you see a spike up on a good number, or down on a bad number, the overall USD move may reverse that spike as it usually does with NFP and as it has the last few months on Retail Sales.
    If it comes out at 1.0% or higher, USD/JPY should rally 40 pips.
    If it comes out at -0.2% or lower, USD/JPY 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
     
    #1 Sir Pipsalot, Nov 16, 2009
    Last edited: Nov 16, 2009
  2. Rubin Hood

    Rubin Hood Private

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    Thanks Pipsalot!

    Gold seems to be in its 5th wave that started from the consolidation. How much more do you think it will still extend?

    Boy it's gonna be a hard fall after that...
     
  3. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Been hard for me to pick the top on this one. Can't say for sure, but I agree with your synopsis
     

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