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Sir Pipsalot's Tuesday Market Update 2-9-2010

Discussion in 'Commercial Trade Journals' started by Sir Pipsalot, Feb 9, 2010.

  1. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

    Dec 11, 2007
    Likes Received:
    Hey folks,

    Not much change to Monday's forecast, so please check it out for a bit more detail. Essentially, the trend remains lower, and while bounces and consolidation may occur, the likelihood is that further downside momentum will resume relatively shortly thereafter. If we do bounce on EUR/USD a bit more than I thought we would yesterday, 1.3850 should be a very resistive area due to both trendline resistance and former big swing lows drawing in sell orders around that level.

    Stocks should extend lower with at least one more wave down to new lows before staging a more medium term rally. Some analysis points towards a more dramatic decline (as I have been backing) below 1000 before major retracement up, and others are looking for a more modest new low, but either way you slice it... the evidence is pointed towards more downside below 1040 for now.

    There was no major news out Monday, and none due out for Tuesday either; however, there are 3 tradable news reports due out Wednesday that we will preview in tomorrow's signal.

    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

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