Monday, December 27, 2010

Morning Madness

  • Sentiment is a bit bearish this morning due to China's surprise rate hike (25 basis points)
  • No real weakness across the markets so it gets a Neutral rating
  • Volume should be light due to the holiday week, and now the huge snow storm
  • EUR/USD still trading flat across the 200/150 day moving averages
  • GBP/USD is bouncing between 200 and 150 day moving averages
  • USD/JPY broke support but has bounced off of the 50 day moving average
  • Wait for a break of the 50 day moving average in USD/JPY
  • Dip buying is still strong
  • Careful entering new positions on the light volume
  • Portfolio is relatively flat with some short puts
Stock Watch

Both FOE and FTR are developing nice ascending triangles.  Wait for a break of the resistance before buying in.  A good location for a stop-loss, in both, would be right under the trendlines.

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