Traders,
This week is the last trading week for the month for January. We anticipate the big banks and hedge funds to take profit after last week's extreme volatility session. The Dow Jones fell over 500 points in 4 days, gold followed suit bottoming around the 1082/oz area and the eur/usd finished down close to the psychological area of 1.4000. We look for continued dollar strength as the dollar index is showing signs that the greenback is indeed BACK! There is also talk of the US Fed raising interest rates as the US emerges from the recession faster than other countries like Japan. We want to allow the market to "cool its heels" and then look for areas to take a position. Good luck this week and we wish profitable trading to all!
To the Summit,
4xSummit
Sunday, January 24, 2010
Wednesday, January 13, 2010
Next
Traders,
Since the end of last week through today most dollar pairs are stuck in a range. Non-farm payrolls was unable to break the mold so now we look to retail sales tomorrow to try and establish a new trend or breakout of the existing trend. Remember this retail sales figure will include numbers from the holiday shopping season which will give us a clue as to how that sector performed. As we blog, the dollar has gained considerable strength across the board...is this a reversal or just a retracement to fall back into the range pattern?
To the Summit,
4xSummit
Since the end of last week through today most dollar pairs are stuck in a range. Non-farm payrolls was unable to break the mold so now we look to retail sales tomorrow to try and establish a new trend or breakout of the existing trend. Remember this retail sales figure will include numbers from the holiday shopping season which will give us a clue as to how that sector performed. As we blog, the dollar has gained considerable strength across the board...is this a reversal or just a retracement to fall back into the range pattern?
To the Summit,
4xSummit
Wednesday, January 6, 2010
1st NFP of 2010
Traders,
This Friday is the 1st NFP report of the new year which has the potential to completely change the sentiment of the market. Economists are expecting no job losses with even the potential for job creation. Whichever way it goes, expect major fireworks on Friday. This has the markets rattled right now. If you are an equity follower you have noticed that the Dow and S&P have been flat all week. The calendar is full of FA's leaving the markets indecisive and not knowing how to treat that news when coupled with Friday's expectations. 4xSummit has been patient all week and will continue to be until the market makes a decision. Our advice is to be very careful right now and protect your account.
To the Summit,
4xSummit
This Friday is the 1st NFP report of the new year which has the potential to completely change the sentiment of the market. Economists are expecting no job losses with even the potential for job creation. Whichever way it goes, expect major fireworks on Friday. This has the markets rattled right now. If you are an equity follower you have noticed that the Dow and S&P have been flat all week. The calendar is full of FA's leaving the markets indecisive and not knowing how to treat that news when coupled with Friday's expectations. 4xSummit has been patient all week and will continue to be until the market makes a decision. Our advice is to be very careful right now and protect your account.
To the Summit,
4xSummit
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