Sir Pipsalot's Quick Update for Tuesday 6-8-2010

Sir Pipsalot

Former FPA Special Consultant
Hey guys,

Just a quick update today to essentially reiterate my stance from yesterday on all fronts.

A lot of the mainstream is looking for more euro downside which makes me think it's ripe for a short squeeze and could potentially bottom out soon. I would start to buy Euro on dips if we rally above 1.2000 at any point looking for at least 1.2100 for TP.

On stocks, we may have missed selling the bounce yet again which topped out 4 points shy of my 1075-1085 sell range. Ah well, a "no trade" is better than a loser, right? For now I'm standing aside for a bit to see if 1035 support will hold. If it breaks, it's time to engineer a long term short trade.