Wednesday, September 29, 2010

US Day Trading Day Recap: Sept 29, 2010

The dollar SLOWLY but steadily started to firm up vs the Majors. Very mixed overall, kinda the same pattern we saw on the USD/CHF two days (the 27th of Sept) ago that led to the Huge sell off on the 28th Sept (aka the huge buying of the EUR).

Timing has been poor as ever for the dollar strength, though looking at the weekly charts today the day of reckoning is sooner than later imho. Friday with all the Econ data certainly have plenty of catalyst to set the tone for next weeks trading.

NG DEC 10:

WIDE trading range today as wide as below 4.122 - 4.194. Getting stopped out at 4.12 when the registered low was 4.122 is frustrating, though tis the nature of slippage or the likes on discount broker accounts. On the whole though IB is a rather decent platform for starters.

The downside still is very viable to get lows around 4.10 on the lower BB's 2nd STD. LMT in at 4.11

CL DEC 10:

Slightly up barely budging from the mixed dollar. Though yesterday the dollar correlation was not strong with crude. Perhaps due to underlying fundamental drivers? OR perhaps the dollar weakness yesterday was an artificial move to the upside.

GC DEC 10:

Making higher highs 1313.50 and lows of 1306.10. Currently on the downtick around 1309~ . My long term read on gold is that this is the tipping and is in for a large pullback to new resistance formed on the break into the current higher highs. 

-Alexander T. LĂȘ

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