Sir Pipsalot's Friday Market Update 2-26-2010

Sir Pipsalot

Former FPA Special Consultant
Messages
511
Hey folks,

I'm dealing with some extensive computer issues, so I'll have to keep the trend analysis brief tonight. The long opportunity on EUR/USD I mentioned on Tuesday in the 1.3440-1.3480 range and reiterated last night has played out quite well and is now up over 100 pips. Now's a great time to start taking profits, tightening up SL, and even considering shorts here around 1.3600-1.3650.

Stocks had quite the whipsaw today, but I'm still biased lower and think we'll break 1080 at the least. Right now the medium term for me is looking more questionable than the overriding bearish stance I've held, but the short term looks good for downside.

In news Thursday, we saw both Core Durable goods and Initial Jobless Claims disappoint sending USD/JPY down 35 pips in 3 minutes, and eventually 60 pips over several hours. In news Friday:

0430 UK GDP revised (0.2% expected) - A 0.2 deviation here should be enough for 40+ pips on GBP/USD.
If it comes out at 0.4% or higher, GBP/USD should rally 40+ pips.
If it comes out at 0.0% or negative, GBP/USD should fall 40+ pips.

0830 US GDP prelim (5.6% expected) - 0.6 here should be enough to push things around.
If it comes out at 6.2% or higher, USD/JPY should rally 40 pips.
If it comes out at 5.0% or lower, USD/JPY should fall 40 pips.

1000 US Existing Home Sales (5.5M expected) - New home sales out earlier this week arguably caused some good price action on some bad numbers, so Existing Home sales has some potential to do the same. I'd look for a 0.25 deviation to drum up 30 pips on USD/JPY.
If it comes out at 5.75M or higher, USD/JPY should rally 30 pips.
If it comes out at 5.25M or lower, USD/JPY should fall 30 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. If you have any questions, you can also email me at sirpipsalot@profitmongers.com

To our success!
Sir Pipsalot
 

atholl

Recruit
Messages
2
atholl

Thanks Sir Pipsalot. You do hard work and perfect market analysis. To expect and read your market update becomes my daily first work. Thanks again.
 

Sir Pipsalot

Former FPA Special Consultant
Messages
511
no update on Monday

Sorry guys, I got a nasty virus/malware problem that I was dealing with over the weekend and I wasn't able to get a signal out there for Monday. When I've got a big nasty personal situation dominating my thoughts, I prefer to not do a signal rather than potentially put out a bad signal that is rushed, inaccurate or just not useful. Typically I miss one or two a month at most. In a financial world with so much garbage information, I'd rather skip one than contribute to that with an half-thought out turd to just fill the space.

I'm writing Tuesday's signal now though and am back up and running clean, so no worries.
 
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