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Sir Pipsalot's Daily Market Update 12-24-2009

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Dec 24, 2009.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    Well, Merry Christmas everyone. The EUR/USD has broken some aggressive downward trendlines is a bit more likely to range trade rather than continue higher into the last trading day of the week (Thursday). I think a break up through 1.4375 though would tilt the odds more towards a gradual uptrend holding up for the day with a break of 1.4425 solidifying those odds further.

    Stocks did indeed sell off a bit from where they were when I did the signal last night, but now they've rallied back up just a bit below there and equities are thinly trading and very calm at the moment. I still think downside is more likely than upside tomorrow, so if you entered short on stocks along with my trade yesterday (see: http://www.forexpeacearmy.com/forex...psalots-daily-market-update-12-23-2009-a.html), know that I'm holding short as originally planned.

    In news Wednesday, the BoE minutes were pretty uninspiring, and most US news came out low, but close to expectations, except US New Home sales which not only came in very low, but also had a sizable downwards revision to prior month's numbers. It almost looked as though they were trying to sneak in the bad news over the slow holiday week. In any case, the USD weakened across the board for 2 1/2 hours, but as expected, the move was a bit muted due to the lighter holiday trading.

    There's no more key news expected for the rest of the week. There is US Core Durable goods tomorrow at 0830 EST, but being on Christmas Eve, it's unlikely to get any significant attention, and it's not a great report even under normal circumstances. I'd recommend skipping it and enjoying the rest of your holiday weekend. I'll be back with my next signal for Dec 28th on Sunday night/Monday morning. Have a safe and happy holiday weekend everyone!

    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, Dec 24, 2009
    Last edited: Dec 24, 2009
  2. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Due to the UK, NZ, AU, and CAN banking holidays and just general market inactivity today Monday 12-28, I'm not trading and won't be putting out a signal. We will do a signal Monday night/Tuesday morning for Tuesday 12-29 though.
     

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