Thursday, December 11, 2008

Forex Markets Move Big...Equity Market Weakens

It looked like we were going to see another rally today, but by mid-afternoon it quickly turned into a nearly 3% nose dive. The Forex markets sure showed some life today with the dollar weakening significantly across the board as I have said time and time again it would. Notice how the SPX hit my support target almost exactly today. This level has only a 54% chance of a reversal, so I am waiting until we get to 859 or lower before I think like the bullz again.

Note: I've got a bunch of new ideas for tomorrow, but you'll have to sign up for a membership to get these. I have been getting a tons of emails asking for advice about this stock and that stock. As I have been telling people, you can sign up to follow my trades. After all, it's cheap and I wouldn't want to give everything away for free of course. Besides, it's been my experience that free advice worth the price you pay!



Another extremely efficient exit today on my FOREX shorts. Even though the graphs show slightly long lower shadows for today's candle, Members received an email at 1:06pm today advising an exit on these two pairs which coincided almost exactly with the lows today! Wow, can't get better than that everyone!



The CHF was close enough for a one day move to lock in some profits. My target was 1.17 but a move to 1.18 in one day is good enough for anyone.



UA which caused some much discussion is shaping up great! It's down nearly 10% in two days and has acted just as I expected. For educational purposes, notice how yesterday it re-tested the shooting star highs, but the fell short on weak volume.



FCN was one stock I wish I would have made a trade on. I suggested it last week when it was at $55 and by the time I noticed it again yesterday it had already declined over 15%. Hope that some people actual took my advice on this stock. If you look at a longer term view, this company has a lot of room to move to the downside over the next couple of months.



Today was a great day all around. A couple of my positions didn't move as much as others, but they are still showing green across the screen. Happy Trading!