Thursday, July 30, 2009

Daily Comment July 30, 2009

Looks like that correction I was talking about came yesterday. But don't buy yet, the markets got room to fall further south. Im thinking about a 3 - 4% drop on the S&P500 before prices bounces off new support of around 940. A buy is warranted at these levels if you are aggressive, if one is more conservative look to trend confirmation since across a few valid indicators.

My position on the EUR/USD took a huge hit today, I have had not time to manage my position between incorporation and interning. Overall my trades are still inline with the bullish trend, but missed out on a chance to hedge or decrease my position.

My GBP barely budged overall slightly down, Along with my AUD position which is a bit more down.

Its a bit too late for the weekly post as most of the exciting action happened yesterday, but Ill post what I can.

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