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Old Jul 5, 2011, 7:57pm   #57
Joined Dec 2008
Market Report Tuesday 5th of July

PerErik started this thread See the full pdf version here

Daily Market Report for Tuesday 5th of July 2011
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Very quiet day yesterday with the US markets closed in observance of Independence Day. It seems like the “risk on” theme continues this morning and we are heading back up in the metals and crude. Both gold and crude have broken above key resistance levels, 1502 and 96.00 respectively. It is key now that these gains hold and not get any kind of sell off into the close, because that would really invite for sellers to take over. Euro is not doing too much to the upside yet, but given that we are in the upper end of the recent range I think we need to get some fresh news to extend above the 1.4564 resistance level. We have ECB and US NFP report later this week, which are the next major events on the economic calendar.
My thinking is that the European debt crisis will not go away quickly and probably come back to hit us sooner rather than later. We have had a nice rally in the S&P 500 over the last 2 weeks, but from here it will be more difficult to go higher in my opinion. With the QE2 over as well, the support for the equity markets could be thin during the summer months. Technically the 1340 resistance is an important level to get above to continue to the upside. I suspect a lot of traders looking to short up around the 1330 to 1340 and stops above 1361.75, the yearly high. It would be healthy for the rally to get some kind of pullback before going higher, if not I am afraid the selling pressure will get too big on any break higher. Friday’s break out level of 1317 is now support.
CHF out performing this morning as the recent losses corrects a bit. I reckon the next level to look long is around in the 1.2050 in EURCHF.
I am still looking to add some type of position in Corn following the huge sell off week, but I have not made up my mind what the position will be yet. I will come back on that during the next few sessions.
Looking at a few interesting points in the markets trading wise:
- 76,4% Fibonacci retracement of the 1361.75 – 1252.25 move comes in at 1336, which was right around the Friday’s high (1336.50). The high from 31st of May at 1340.25 is the next key target. Break out level of 1317 is now key support.
- Crude punching through the 96.00 resistance today, next key level is 98.00.
- Silver bouncing off the lower end of the last month’s range of 32.75 to 38.76. Can we head back up towards the upper end of the range?
- Gold have broken above 1502 key resistance, next upside target is 1520.
- Key resistance in Euro up at 1.4564, which I expect to hold for the next 2 sessions.




Technical’s and comments

Euro: The break above 1.45 Friday opens for an extension higher as I think we will see the risk on theme continue going into the NFP report Friday. The resistance levels today are the low from 7th of June at 1.4564 and the high from the same day at 1.4695. We have support at the 3 days’ low of 1.4436.
Cable: Looks like a better choice to short GBP than Euro at the moment as we have broken above the key resistance level at 0.90 in EURGBP. First upside level to get short I figures is around the 1.61 level and stop above 1.6150 or so.
USDJPY: Very tight range over the last sessions. I remain longer term bearish on the JPY as the fundamental factors in Japan looks ugly, with huge public debt and unfavorable demographics going forward. However the risk off over the last days has taken us below 80 again. Not sure if we see any intervention unless the move picks up in speed and magnitude. Buy on dips for the brave.
Swissy: Have resistance at 0.85 at the moment, which is the pivot level in this pair for now I think. Bearish below this level and bullish above.
AUDUSD: We have strong resistance around the 1.0750 level, so would not chase the price action above that level. The buy in level of 1.0550 or so is the place I would look to try long again.
USDCAD: Rapid move lower and I think it makes sense to wait for a rally back up towards 0.9730 or to get short again.
S&P Future (ES): We have key resistance up at 1340.25 and minor resistance at 1336. Looks overbought and selling rallies below 1340 looks the most attractive today. If we break 1340, I would reverse to look long. Key support is not Friday’s break out level of 1317.
Gold: Falling resistance of 1502 was taken out this morning, this opens for a run towards 1520 resistance next.
Crude oil: Took out the 96 key resistance this morning and it is key that we hold the gains today into the close to open for higher levels. The next key resistance is 98. Key support is still down at 92.90.



________________________________________
Risk Warning: Any information in this report is based on data considered to be reliable, but no representations or guarantees are made by Avantage Financial GmbH with regard to the accuracy of the data. This information is provided on condition that we accept no responsibility, legal or other for its contents. We, including our directors, officers, employees or publishers, disclaim all liabilities. Any statement constitutes only current opinions, which are subject to change. Neither the information nor any opinion expressed shall be construed to be, or constitute an offer to sell or a solicitation of an offer to buy any investments mentioned herein. Regardless of the account type you choose, there are risks inherent in trading, including the risk of loss greater than the original investment. The opportunity for profit creates a corresponding risk of loss. Anyone wishing to invest in any of the products mentioned should seek their own financial or professional advice. Prices can go down as well as up. Past performance is no guarantee of future results.
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Old Jul 5, 2011, 10:14pm   #58
Joined Dec 2008
Trading recap 5th of July

PerErik started this thread Good evening,
Take a look at the latest trading log here

The S&P 500 futurs traded to a high of 1337 today, 0.50 points above Friday's high. Today's volume was relativly very low, 1.377m S&P 500 Emini contracts traded, which is the lowest volume day since the September became the front month. The next key resistance is now the 1340.25 high from 31st of May. Technically the bullish momentum is strong above today's low at 1329.25. The key support is down at the 1317, the break out level from Friday.

Trading wise I added one more 1320 put for 15 of July expiration, because I think the risk on theme will be supported for another few sessions and that is a decent hedge against the short 1340 Aug and 1350 Aug calls.

Crude had a nice break out above 96 key resistance and I went long at 96.05 and took profit at 96.50.

I also closed the Euro structure for a total profit of 237 USD on the 2 put spread done over the last week. Given that we didn't see the move towards 1.4350 I was looking for it was decent as the % payback on the premium paid was 54%.

In general I like to put my main focus on making money and not so much about being correct on all the analysis. The point is that the risk management and position adjustment are very important. Because most of the time I will not be spot on with the analysis, so it becomes very important to be able to make money even though one is a bit off on the market analysis.

Good luck
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Old Jul 6, 2011, 5:25pm   #59
Joined Dec 2008
Market Report Tuesday 6th of July

PerErik started this thread see the full version here

Daily Market Report for Wednesday 6th of July 2011
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Portugal was downgraded to junk (Ba2) by Moodys yesterday and the European debt crisis suddenly back in focus, sending the Euro lower down below the 1.4350 support today. The market remains very news driven. The downgrade of Portugal was based on the view that Portugal will not be able to borrow as sustainable levels in 2013 and might need a second round of bailout. It seems to me that the rating agencies are now doing a better job than before the financial crisis at least, where they got way behind the curve on many fronts.
There seems to be a lot of indecisive comments out of Euro zone of late. I see a headline this morning that Germany wants to have another look at the Greek swap idea, which earlier ECB was opposed to. See link below:
http://www.reuters.com/article/2011/...7651N120110706
I just repeat my comment from yesterday, which I still stick to: “My thinking is that the European debt crisis will not go away quickly and probably come back to hit us sooner rather than later. We have had a nice rally in the S&P 500 over the last 2 weeks, but from here it will be more difficult to go higher in my opinion. With the QE2 over as well, the support for the equity markets could be thin during the summer months. Technically the 1340 resistance is an important level to get above to continue to the upside. I suspect a lot of traders looking to short up around the 1330 to 1340 and stops above 1361.75, the yearly high. It would be healthy for the rally to get some kind of pullback before going higher, if not I am afraid the selling pressure will get too big on any break higher. Friday’s break out level of 1317 is now support.”
EURCHF have corrected lower and slightly below the 1.2050 support level now at 1.2030. To me this level seems to be attractive level to have a look at the long side again for another drive to 1.22.
I am still looking to add some type of position in Corn following the huge sell off week, but I have not made up my mind what the position will be yet. I will come back on that during the next few sessions.
Today’s calendar (CET):
16.00 US ISM (non manufacturing)
02.30 Aussie employment data
The DOE Crude oil inventory and the US ADP report will be released tomorrow due to the holiday shortened week.


Looking at a few interesting points in the markets trading wise:
- 76,4% Fibonacci retracement of the 1361.75 – 1252.25 move comes in at 1336, which was right around the Friday’s high (1336.50). The high from 31st of May at 1340.25 is the next key target. Break out level of 1317 is now key support.
- Crude punching through the 96.00 resistance yesterday, next key level is 98.00.
- Silver bouncing off the lower end of the last month’s range of 32.75 to 38.76. Can we head back up towards the upper end of the range?
- Gold have broken above 1502 key resistance, next upside target is 1520. Target met and next level is 1530.
- Key resistance in Euro up at 1.4564, which I expect to hold for the next 2 sessions. Spot on yesterday with that view and we are down below 1.4350 today.

Technical’s and comments

Euro: We are back below 1.4350 after the Portugal downgrade yesterday. The resistance levels today are the low from 7th of June at 1.4564 and the high from the same day at 1.4695. We have a series of support levels from 1.4320 down to 1.4237.
Cable: We failed towards 1.6140 again yesterday. Looks likely we will drive down lower again with support at 1.5990 followed by 1.5910. I don’t expect to see a break below 1.59 before the Bank of England rate announcement tomorrow.
USDJPY: More up and down in the Yen, with lack of direction and focus this pair seems to be on the sideline for now. I remain longer term bearish on the JPY as the fundamental factors in Japan looks ugly, with huge public debt and unfavorable demographics going forward. However the risk off over the last days has taken us below 80 again. Not sure if we see any intervention unless the move picks up in speed and magnitude. Buy on dips for the brave.
Swissy: Have resistance at 0.85 at the moment, which is the pivot level in this pair for now I think. Bearish below this level and bullish above.
AUDUSD: We have strong resistance around the 1.0750 level, so would not chase the price action above that level. The buy in level of 1.0550 or so is the place I would look to try long again.
USDCAD: Rapid move lower and I think it makes sense to wait for a rally back up towards 0.9730 or to get short again.
S&P Future (ES): We have key resistance up at 1340.25 and minor resistance at 1337 (yesterday’s high). Looks overbought and selling rallies below 1340 looks the most attractive today. There is a potential double top on daily chart if we fail towards the 1340 level. If we break 1340, I would reverse to look long. Key support is not Friday’s break out level of 1317.
Gold: Break above 1520 opens for 1530 and higher next. I would look to buy if we see any dip towards 1515.
Crude oil: Took out the 96 key resistance yesterday and this 96 level held on the test lower this morning. That is bullish confirmation for me and looks like we will test next key resistance at 98 next. Key support is now down at 96. If we break below 96, the risk is for stop loss festival will send it lower.



________________________________________
Risk Warning: Any information in this report is based on data considered to be reliable, but no representations or guarantees are made by Avantage Financial GmbH with regard to the accuracy of the data. This information is provided on condition that we accept no responsibility, legal or other for its contents. We, including our directors, officers, employees or publishers, disclaim all liabilities. Any statement constitutes only current opinions, which are subject to change. Neither the information nor any opinion expressed shall be construed to be, or constitute an offer to sell or a solicitation of an offer to buy any investments mentioned herein. Regardless of the account type you choose, there are risks inherent in trading, including the risk of loss greater than the original investment. The opportunity for profit creates a corresponding risk of loss. Anyone wishing to invest in any of the products mentioned should seek their own financial or professional advice. Prices can go down as well as up. Past performance is no guarantee of future results.
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Old Jul 6, 2011, 11:57pm   #60
Joined Dec 2008
Trading recap 6th of July

PerErik started this thread The S&P 500 emini (ES) broke below yesterday's low of 1329.25 in early trading, as the China rate hike saw risk come off. It got down to 1326 before it reversed higher to close right up at the top of today's range and 0.50 point below yesterday's high of 1337.
The volume was higher than yesterday and the ability to hold the downside is rather impressive I have to say. Seems to be plenty of buyers on dips. I was looking for a deeper correction to test the 1317 support (break out level from Friday), but just not much downside momentum at the moment. It is difficult to be very bearish at the moment, just looks quite strong in my opinion. Need to see some pretty bad news to make it go much lower than 1317, is my feeling at the moment. Key resistance remains the 1340.25 (high from 31st of May). I still think it would be healthy to see a correction to 1317. We have 7 straight up sessions now, for 71.5 points in the ES.
No changes made to the S&P 500 emini structure today.

I did one trade today, put on a Euro options spread to crush some Theta (time value) in the 8 Jul 1.42 put options, which was trading close to 19% vols beacause of the ECB and NFP event risks over the next 2 sessions.
I sold 2x the 1.42 8 Jul puts for 40 pips each and bought 1X the 1,42 put for 5 Jul expiration. This position is slightly long delta and had Theta of 414 USD per day. I expect the Theta to drop substancially after the ECB press conference tomorrow.
I will hedge the delta if we break 1.4250 as well.

Gold moved up substancially today, taking out both 1520 and 1530 resitance levels.
I don't think it will expand much further heading into to NFP, so I will keep the Gold structure as it stands for now.

Crude had a successful test of the 96 break out level (now support) early on in the sessiosn and it looks rather bullish now for a test to break 98 key resistance. Looks tempting to put on a call structure above 98 and trade against it in the futures, cause I see 98.35 level as the pivot level now. Will see if we can get a test of 98 or so over the next few sessions to put on a trade.
Crude oil Aug futures chart below.

Click the image to open in full size.


See complete trading log here
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Old Jul 7, 2011, 11:59pm   #61
Joined Dec 2008
Trading recap 7th of July

PerErik started this thread ECB out of the way and they decided to raise rates by 25 bps and ECB have suspended collateral rules for Portugal until further notice.
http://www.ft.com/intl/cms/s/0/a7743...44feabdc0.html

It seems like the ECB is desperately kicking the debt crisis further down the road, which at this point seem logical. But at some point the real problem have to be dealt with.
Trading wise I closed out the Euro options structure that I put on yesterday for 300 USD profit.
Did further adjustment in the S&P structure after the S&P just pushed right through another resistance level at 1340.25. Actually it gapped above it on the open and never looked back. Next key resistance is the yearly high at 1361 now. My problem with this rally is that it is going up a bit too quick to be healthy and suspect we are getting a correction in the next few sessions. Another reason for my thinking of a correction lower before new highs is the fact that the volume on the last few sessions have been falling. This is certainly not a good sign for a break out. To take out a major resistance level you want to see increasing volume to punch through the prior top. Of course nothing is guaranteed here, so one had to be careful.

In crude I sold Aug 100 calls for expiration 15 July and I bought 1x mini futures at 98.50. There has been a nice bounce from 90 level up to 99.40 high today following the Crude oil inventories. We are now well back into the old range from 96 to 104 that we saw from start of May to mid June. I think we see a correction back towards the 96.50 level next, there for I put on the options position. If we break higher I will contiune to hedge the delta. So it leaves me with a bit more flexbility and given that we have only 1 week left until expiration, the time value is dropping off fast.

Full trading log here

Good luck
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Old Jul 19, 2011, 11:06am   #62
Joined Dec 2008
Market report 18th of July

PerErik started this thread see full version here:http://avantagefinancial.ch/images_u...ily18jul11.pdf


The European stress test has been analyzed over the weekend and the verdict seems to be that risk off modus is back. Italian vs. German bonds widens to 320 bps. USD is stronger this morning, gold at record highs and equities down. S&P 500 futures gap lower on the open and is down by 19 points or 1.4% as the time of writing (about 1 hour and 50 minutes into the session). It seems like market players are very short term in their trading views at the moment and more playing news as we continue to swing up and down the 1250 – 1350 range. No real directional conviction to spot and the volume in the S&P 500 emini futures (ES) have also been rather low recently. One thing I would like to point out is that the rally to make new highs clearly failed at 1352, which is actually quite negative in price action terms and makes me think we could see a rather aggressive down leg next below the 1250 support. For a break lower to materialize we need to see increasing volume on the down bars as we head lower and preferably the close to be at the very low or lower end of the daily ranges. This clearly indicates sellers taking over. We have a key support level in the S&P 500 emini futures (ES) at 1293.75, which was the former break out level. A daily close below 1293.75 is certainly bearish and opens for a test of 1250 support.
See S&P 500 Emini futures (ES) daily chart below:


Gold is making record high, trading 1606 in the spot at the moment. It seems that Gold is tracking US 10 year Treasury pretty tight over the last weeks, which makes sense. The risk for gold is clearly if we get higher rates in the US in my opinion. That might take some time though as the latest economic data have been far from good. More money printing is also of course bullish for gold and seems to be the major factor behind the latest rally.


The Euro is lower across the board as it seems the market see little positive for the Euro in the near term at least. EURCHF below 1.15 level, very rich in my opinion, but I am not looking to put on any position yet. EURGBP is back below 0.88 and we have the Bank of England minutes out on Wednesday, which is quite open in my opinion. Seen comments from Ernst and Young ITEM club that they are looking for rate hikes around November, but they did cut their 2011 UK growth forecast. See article below:
http://www.telegraph.co.uk/finance/e...rengthens.html

Today’s calendar (CET):
12.00 Bundesbank monthly report
14.30 Canada motor vehicle sales
15.00 US TICS data
16.00 US NAHB housing market index
03.30 RBA Minutes

Looking at a few interesting points in the markets trading wise:
- Key level in the S&P 500 emini futures at 1293.75 that will decide the next directional move in my opinion.
- Looking for a move back lower in Corn to fill the gap at 669. Chart can be seen here: http://chart.ly/5y9bfyv
- Crude has key support at 94.50 and key resistance at 97.74, watch those levels for the next directional move.
- Looks attractive to sell US 10 year Treasury futures above 125, will update on Twitter if I open any positions.


Technical’s and comments

Euro: Euro looks weak below the 100 day moving average at 1.4293. I prefer selling rallies for a move down to the 200 day moving average at 1.3913 near term.
Cable: Sell on rallies towards 1.61 is my favored strategy today. I expect the 1.5900 support to hold, so possibly down there as well should work.
USDJPY: More up and down in the Yen, with lack of direction and focus this pair seems to be on the sideline for now. I remain longer term bearish on the JPY as the fundamental factors in Japan looks ugly, with huge public debt and unfavorable demographics going forward. I am looking for a break out to the upside of the 2 months range, which is 78.44 to 81.78.
Swissy: I am not looking to chase this pair lower at this stage. To me it looks actually more interesting to look at buying some calls. Will update on twitter if I do anything.
AUDUSD: Risk off and we are down towards the 1.0550 level again(, which has worked well as a long entry in the past, worth another try if we see 1.0550?
USDCAD: I prefer selling rallies below 0.98 for a move back to 0.9500.
S&P Future (ES): Key level at 1293.75, which is the former break out level of the move 1252 to 1352. We also have 61.80% Fibonacci retracement of the 1252 – 1352 move coming at 1290. Key resistance today is Friday’s high at 1315.50.
Gold: 1606 high so far, the sky is the limit. The most important I reckon is the US 10 year rate, so keep an eye on that.
Crude oil: Looks like plenty of selling towards 99.50 last week and I expect a move down to test the key support at 94.50 near term. Minor resistance at 97.74.



________________________________________
Risk Warning: Any information in this report is based on data considered to be reliable, but no representations or guarantees are made by Avantage Financial GmbH with regard to the accuracy of the data. This information is provided on condition that we accept no responsibility, legal or other for its contents. We, including our directors, officers, employees or publishers, disclaim all liabilities. Any statement constitutes only current opinions, which are subject to change. Neither the information nor any opinion expressed shall be construed to be, or constitute an offer to sell or a solicitation of an offer to buy any investments mentioned herein. Regardless of the account type you choose, there are risks inherent in trading, including the risk of loss greater than the original investment. The opportunity for profit creates a corresponding risk of loss. Anyone wishing to invest in any of the products mentioned should seek their own financial or professional advice. Prices can go down as well as up. Past performance is no guarantee of future results.
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Old Jul 19, 2011, 11:07am   #63
Joined Dec 2008
Trading recap 18th of July

PerErik started this thread See the full trading log here

I did close the 6x short ES (S&P 500 Emini futures) position that I had from Friday at 1307.25 in the Globex session. I was quite heavy short in the ES following the Friday's excersise of the 1300 calls and give that I plenty of short calls it made sense to get a bit more delta neutral. I did one long trade in the ES at 1293.75 for 1.25 points gain. That was it for today.

That being said the ES did go down and test the 1293.75 key level that was the break out level on the run higher from 1252 to 1352 move. That break out level held yesterday, ok the low 1291.25, but that I count as a false break as we closed well above the 1293.75 key support. Technically it is bullish above this 1291.25 level for Tuesday I reckon. We have Friday's high at 1315.50 as the key resistance now.

See chart below
Click the image to open in full size.

I will look to add to the ES structure Tuesday, most likely by selling short term puts to hedge the short calls at 1340.

I still look for a move lower in Corn and Crude looks heavy below 97.80.

Good Luck
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Old Jul 19, 2011, 10:25pm   #64
Joined Dec 2008
Market report 19th of July

PerErik started this thread See the full pdf version here

Follow our live trades for free at: http://twitter.com/AFtrading
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I outlined that 1293.75 level as key in yesterday’s report and in fact we had a successful test of that level yesterday, which put a bid into the market towards the close and overnight. The S&P 500 Emini futures (ES) gapped higher at the open today by 8.25 points and traded to a high of 1316.25 so far. The high from Friday is at 1315.50 in the ES and acting as major resistance at the moment and it is natural to see sellers coming in at that level. However a daily close above 1316 today in the ES could open for a stronger rally. News wise it is more of the same really, the European debt crisis and US debt ceiling talks are the major focal points. The EU summit on Thursday is probably the next big event on the calendar. Also watch out for any developments in US debt ceiling talks. It seems like everybody expects an agreement to be reached on the US debt ceiling, but time is running out quick and Obama said it had to be done this week.
The Euro is higher so far today, but I still reckon it is a sell on rallies below 1.4300 for the moment. RBA minutes out overnight were less hawkish than expected as the RBA dropped their view that policy would need to be tightened at some point. However I think it is the risk on/off mode that is the major driver for AUD, meaning the equity markets will dictate the direction. At least until we see interest rates going up in the US or RBA start cutting rates of course.
I see a trader friend of mine in London looking for upside in the NZD as we have the RBNZ rate announcement next week. The market is looking for 50bps hike by January, but some are looking for a move already next week. More likely is a signal that rates will be raised on the next meeting, which is in September. There are only 4 more RBNZ meetings until January (including next week’s meeting), so if the market is correct we should see some rate hike signals soon. I was also reminded by my friend that RBNZ was more hawkish than expected at the last meeting (June).
Canadian dollar is stronger across the board following the Bank of Canada left rates unchanged today, but signaled that borrowing costs will rise as the economy recovers.
http://www.bloomberg.com/news/2011-0...entually-.html
Just one thought on the Gold rally. We have seen a major move higher from the 1478 low (August futures) on the 1st of July, to the high of 1607 today. The move higher has been on the scare that we might see a US default and basically a run for safe heaven. So, if we see an agreement on the US debt ceiling, gold should trade lower and the risk is for sell stops to go off if it drops below 1580 or so I reckon.
Looking at a few interesting points in the markets trading wise:
- Successful test of the key 1293.75 level in the S&P 500 futures yesterday and the close well off the lows signals buying interest. We have key resistance at 1315.50 now, the Friday high.
- Looking for a move back lower in Corn to fill the gap at 669. Chart can be seen here: http://chart.ly/5y9bfyv
- Crude has key support at 94.50 and key resistance at 97.74, watch those levels for the next directional move.
- Looks attractive to sell US 10 year Treasury futures above 125, will update on Twitter if I open any positions.


Technical’s and comments

Euro: Euro looks weak below the 100 day moving average at 1.4293. I prefer selling rallies for a move down to the 200 day moving average at 1.3913 near term.
Cable: EURGBP lower, helping GBP higher and we have key resistance at 1.6194 (14/7 high) that should be though to run through unless the Euro really blasts higher, which I think is unlikely going into the EU summit Thursday.
USDJPY: More up and down in the Yen, with lack of direction and focus this pair seems to be on the sideline for now. I remain longer term bearish on the JPY as the fundamental factors in Japan looks ugly, with huge public debt and unfavorable demographics going forward. I am looking for a break out to the upside of the 2 months range, which is 78.44 to 81.78.
Swissy: I am not looking to chase this pair lower at this stage. To me it looks actually more interesting to look at buying some calls. Will update on twitter if I do anything.
AUDUSD: Amazing the 1.0550 support level once again holds. Strong resistance up at 1.0750.
USDCAD: I prefer selling rallies below 0.98 for a move back to 0.9500. My 0.9500 target hit following the BOC statement. I would not chase the price lower at this level, but rather wait for an retracement to get short again.
S&P Future (ES): Key level at 1293.75 held and buyers stepped in. Looks like higher is the most likely near term direction. Key resistance at 1315.50 that needs to be taken out to open for a move to test last week’s high at 1327.75. We also have a gaps up at 1329.50 and 1344.25. Support at 1291.25 (yesterday’s low) and we also have 61.80% Fibonacci retracement of the 1252 – 1352 move coming at 1290.
Gold: 1606 high so far, the sky is the limit. The most important I reckon is the US 10 year rate, so keep an eye on that.
Crude oil: Looks like plenty of selling towards 99.50 last week and I expect a move down to test the key support at 94.50 near term. Minor resistance at 97.74 and a close above this level would make me more uncertain about a down move to be honest.



________________________________________
Risk Warning: Any information in this report is based on data considered to be reliable, but no representations or guarantees are made by Avantage Financial GmbH with regard to the accuracy of the data. This information is provided on condition that we accept no responsibility, legal or other for its contents. We, including our directors, officers, employees or publishers, disclaim all liabilities. Any statement constitutes only current opinions, which are subject to change. Neither the information nor any opinion expressed shall be construed to be, or constitute an offer to sell or a solicitation of an offer to buy any investments mentioned herein. Regardless of the account type you choose, there are risks inherent in trading, including the risk of loss greater than the original investment. The opportunity for profit creates a corresponding risk of loss. Anyone wishing to invest in any of the products mentioned should seek their own financial or professional advice. Prices can go down as well as up. Past performance is no guarantee of future results.
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