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Sir Pipsalot's Monday Market Update 03-22-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Mar 22, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    Hey folks,

    I'm back from my hiatus and I'm sorry it's been awhile, but it's good to be back. That's the last time I try to move myself... it took a lot longer than expected. Anyhow, the EUR/USD topped out around resistance I cited earlier in the 1.3800 area and now it has taken a turn more impulsively towards the downside and is likely to push through those Feb-Mar lows in the 1.3430-50 area. I would encourage shorting any decent 50-100 pips bounce on the Euro as an opportunity to get in on a new potential downtrend. The GBP/USD is in a similar situation, but the strong moves there may make you hold out for a slightly larger bounce before positioning short. Hopefully some point Monday or Tuesday will provide such an opportunity.

    Stocks look like they may have finally topped out from this extended run, but the turn isn't confirmed just yet. A short right now (around 1150 on ESM0 S&P 500 futures) could be very fruitful, but is a bit risky. A further decline to 1136 and below would further confirm the turn lower and provide enough confirmation for a more robust short.

    There are no economic releases due out for Monday, so our first report to preview will be UK CPI on Tuesday morning in our next signal.

    I am back in the action and will be providing daily signals as usual now. Thanks for your patience as I put my personal affairs in order.

    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
     
  2. cchuzzy

    cchuzzy Recruit

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    Some sense of direction, at last. Welcome back, sirP
     
  3. mechtech63

    mechtech63 Corporal

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    Welcome back Sir Pip

    Moving yourself? We have our home for sale and have been here for 25 years. Hate thinking about the stuff that we have to move....shudder.

    Glad you have it behind you now.
     

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