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Sir Pipsalot's Daily Market Update 11-23-2009

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Nov 23, 2009.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    We saw some downside to the EUR/USD Friday as anticipated, and now to start off Monday we've rallied into the general 1.4950 area discussed as a good area to sell. I think shorting near here (1.4942 as I type) with a moderate 40-70 pip SL makes sense for a swing trade, especially since Japan is on a banking holiday so Euro session and may reverse this rally.

    I'm still bearish on stocks medium term and I belive we'll see a selloff from here (mid to low 1090's on S&P right now) to somewhere in the 1050-1070 range. See Friday's signal for more detail there.

    There were no economic releases Friday, but on Monday:

    0830 CAD Retail Sales - I don't recommend trading this one. Moves have been generally confusing and muted when this comes out.

    1000 US Existing Home Sales (expected at 5.7M) - Last month's big deviation had a bit of a disappointing move, mainly because the median price of existing homes was still lower than some were looking for amidst the increase in the rate of sales. Try to make sure there isn't a huge difference between the change in median prices, and the deviation on the sales numbers themselves if you're going to hold on and stick with the trade. If they agree, the release may set a mini-trend good for 30-90 minutes.
    If it comes out at 5.85M or higher and median prices are 8% or less lower than last year, USD/JPY should rally 40+ pips.
    If it comes out at 5.55M or lower, and median prices are 9% or more lower than last year, 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
     
  2. BenCA

    BenCA Recruit

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    Sir Pips, do you think this is a right time to enter short on silver at around 18.82?
     
  3. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey Ben, sorry I caught your question a bit late. Yes, it was a good time to enter short on Silver. Generally when I'm bearish on stocks and the Euro, it's an ideal time to try a short on Silver which actually performed better today than a short on either of those two so far.
     

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