Dear Readers, Limits for today.
QQQQ 44.05 - 44.64
Turnaround is QQQQ occured exactly around 12:25!
Please note that range is small, so this an inside day and any precision in time will not allow much gain in price ( small range ).
GLD 65.66 - 65.93 (66.20, 6640 possile)
Glittering one having an ugly day today. Can not make up the mind sitting right at the 50% retrace... Protect yourself and hope the breakout happens in your direction.
USO 48.86 - 49.84
GG 24.23 - 24.77
Good Trading
15 comments:
Are you still holding to your turn time of 12:15 today?
Dear John,
Yes, the timeframe is about 12:25 +- 10 min on either side of the center. And if we are on the low side, it is likely to register low and inverse on the top side. Now, Please understand everything that we deal with is in the probabilistic realm, which means that if what we think does not happen, the only thing that can save a trader, well... the short term trading skills.
Good Trading
FED Decision clearly shows that the unwinding of the housing market is a severe threat to the US economy. Will lowering rates later in the year save housing? Not likely since housing was bidded up because of the perception of easy $$. Now that perception has been discredited, the FED won't be able to save the housing market by lowering interest rates. The dollar should take a wack, but will it go lower? Or did the US asked central bankers to intervene to support the dollar? The trip by Hank Paulson to JP/China after the big drop in the Dow was not a coincidence.
Dear Rent,
Very good reasoning. FED does not even defend the Dollar any more...
Hell with it they say. We go the jobs go keep ( their jobs, of course) Good Trading
Geometry of 3/21:
Dow traced a circular Arc which went vertical at 12:00 PDT with the DOW up 192 apx. This projects a low in 19.2 Hours or 12:42 PDT Monday.
Jim
Agree the Fed is no longer defending the dollar because of what is happening to housing market. Also it is becoming a political issue -- Dumb Dodd's senator hearing on subprime. Will other central bankers come to the US rescue to prop up the dollar? I like to short dollar against EUR but not certain.
Hello Boris:
any clear indication on when/if GOLD blasts thru the current resistance level?
cheers
Hello Boris:
i know U indeed mentioned 24-28 MARCH, but wondering if there's a more specific timing within clear view now..
thanks
Dear Dxb,
My expecation was that already we should be doing better in gold. Unfortunately, so fare the speed of advance is not what I expected. Now, I would suggest to use whatever short term trading skills one has to protect the Long positions, if any. I still think that the blast may come, but it may have to wait for anoter sharp quick correction in sympathy with DOW, between tomorrow and early next week. Again, this is not what my best scenario would call for... So, protect yourself accordingly.
GOod Trading
Boris,
You may have to work on that timing thing a little...you missed the peak by about 2 minutes...incredible.
Congratulations.
Dear John,
Thanks a lot. We try to do our best. We know people want a reliable info and it is so hard to come by. Struggle pays of from time to time. We can not promise to be that precise, but promise to never give up on trying to understand the nature and honestly report.
Good Trading
Hi boris,
How's it been?
Looks like the coming days are key for the dollar (hence gold). USD/JPY looks set to break up/down the ascending triangle. However, I'm still long AUD/USD with a tight stop on the hourlies due to some divergences popping up. Also long GBP/JPY.
Dow seems likely to pop up to 12610 if it breaks 12450 convincingly. Could go either way from there, though upside seems limited vs downside.
I would like to know your views of the Yen. I'm long term bullish, but have been short term bearish on it since the massive unwinding of the carry trades.
meant to say long term bullish of yen v us
Dear Jebuskrite, We have been and are still bearish on Dollar until at least Later April/Early May, at which point we expect stronger dollar for 4-6 months before another dollar weakness sets in.
USD/JPY.. Yen strong into May downhill after that.
GBP/YEN... GBP stronger into August, very weak thereafter.
EUR/YEN... same stry as GBP, but EUR/YEN will will not decline as much as GBP/YEN... saying it differently, GBP and AUD perhaps will be the biggest losers, after midyear.
Good Trading
Looking for a Bounce UP at 08:54:15PDT
" " 2nd Wave Down at 10:03PDT
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