Sir Pipsalot's Daily Market Update 11-17-2009

Sir Pipsalot

Former FPA Special Consultant
Hey folks,

As I've been alluding to over the last several days, the uptrends across several markets (EU, GU, stocks, gold, silver) are near a top but may have further runs higher yet to go. In particular I think the 1020 area on the S&P 500 may be a good area to sell on a further rally. Very long term trades I would hold short, but medium term trades seem a bit risky in either direction. Short term longs seem like a decent bet though after Monday's consolidation/dip. I'm not taking any further trades on this though until the picture clears up more for me though.

In news Tuesday:
0430 UK CPI m/m (0.1% expected) - Sometimes this news is a bit of a crapshoot. Sometimes you get a move that hangs on and extends, and sometimes you get a quick move that turns around and retraces nearly all the way. Either way, there should be 40 pips in it. Try to be careful though.
If it comes out at 0.3% or higher, GBP/USD should rally 40 pips.
If it comes out at -0.1% or lower, GBP/USD should fall 40 pips.

0830 US PPI - I don't think this is particularly tradable, but it's nice to watch to get an idea of how things may move on CPI tomorrow.

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