It continues
Posted by Cire2222 on Jul 30, 2008
Another day with strength in the stock market and strength in the dollar. The big bullish signal in the market today was the ability for the market to close at the highs as Oil moved up strong. As you know I have been bullish and this type of trading keeps me bullish. The dollar is still in the same story so I don’t have much to say my same bias continues in both markets.
The bull marches on
Posted by Cire2222 on Jul 23, 2008
Mark another one in the books for the bulls today. We may not of had another monster rally or monster reversal but one thing that did catch my eye was the lack of selling. Looking at intra-day charts of the indicies I see that as we came down off the days highs there we no big volume on top of that the market tested the lows of the day multiple times without any selling pressure to move it lower. One more bullish sign is the lack of confidence in this rally. Every trader on TV and every trader in the forums I browse seems to think that this market just MUST have some selling to end this week, this is the type of thinking that causes the intense bear market up thrusts. Right now I do not see any resistance until around 11800 on the dow and 1300 on the S&P. I don’t think it will be a smooth ride there but I do think we should test those levels. Also notice another dollar rally day, I have been telling you to watch this day after day this is a significant move for the dollar. Grains, metals and oil have all come down in a big way, tides are starting to turn.
Bears got smacked back
Posted by Cire2222 on Jul 22, 2008
Some earnings news after hours yesterday send the market gapping down big this morning only for the bulls to make a strong come back and end the day on a solid note. The market has been acting great recently. Bad news gets pushed to the side and any good news gets a ton of buying. As I said last night, the dollar is making a move behind the scenes. Today was a strong day for the dollar and I think has given it that extra umph at the right time to get a serious dollar bull move going. This should be good for the stock market. The other thing I wanted to touch on again is the financials. If you have bottom fished at a financial stock and your stock has NOT had a huge bull move in the last few trading days then that is a sure sign to GET OUT! Again some that come to mind are LEH and DSL, I do not like the way these are acting and I see no reason another Financial company won’t go under. until then, stay nimble!
P.S A key pivot play may set up in the stock market soon so stay tuned!
Dollar strength
Posted by Cire2222 on Jun 23, 2008
Dollar Strength
I have been posting multiple charts on shorting the Euro, I have been looking for a reverse ‘W’ formation to be confirmed and we almost has it today but the close just was not low enough. I am still bearish on the Euro and can’t wait to see what happens the rest of this week with the FOMC so soon. Gold also took a big hit today as the dollar gained strength, if the dollar can stay strong I expect much downside in both the Euro and Gold. Below you can see a couple charts on Euro and Gold.
Down with the Euro?
Posted by Cire2222 on Jun 16, 2008
DOWN WITH THE EURO?
I’m looking for another down move in the EURO and i think we are starting to get a decent shorting op here. The Euro has tested these recent lows 3 times now. It is rare to see a triple bottom, the move tends to go with the third test. With that in mind I am looking to start picking away at a short position, I expect a break of those lows and have target right infront of the fib projections, see chart below.
Dollar strong
Posted by Cire2222 on Jun 3, 2008
Just last night I posted about the Dollar being a key market right now and boy did it make headlines today. Fed Chief Ben had some hawkish words on inflation and the market now thinks the rate cuts are over, the fed fund futures are even pricing in a chance of a rate hike. The EUR/USD was the best spot to be as a dollar bull just like I mentioned last night. I also like the USD/JPY pair but I do not like its intra-day correlation to the stock market with this recent weakness. The USD/JPY didn’t give me the close I wanted but I continue to think it will move higher. The dollar and oil should continue to be key markets for now.
A day of retracement
Posted by Cire2222 on May 5, 2008
Today was retracement action after some big moves in many markets. We saw the stock market pullback after a solid run, gold popped after it’ big sell off and the Dollar gave a little back today. No significant technical moves were made and the trend in those markets remains the same. I will sit on the sidelines waiting for a signal, I don’t want to force any moves right now.
Tues Review
Posted by Cire2222 on Apr 15, 2008
Today oil popped up to new highs and we entered our short position in USO. I will watch carefully the next few days, I am expecting oil to get no higher than 115 during this trade and i expect a downward move to begin by thursday, If this criteria is not met I will exit the trade. INTC released earnings after the bell sending index futures up much higher tonight. Expect tomorrow to bring a much more volitile trading day. I have no bias in this market right now. I still like gold as a short, It is stuck range bound waiting for the follar to pick a breakout direction.
