- Attached chart montage of main positions in Core Book. Lots of triangles formed/being formed = consolidation of prevailing trend. My feeling is that equities and FX might be in for tough times in the immediate weeks ahead. [Unless NFP tonight = shocker on the weak side]
- Gold and US10YY still looks on track.
- Plan : 1. SIT TIGHT. 2. Sell USD/CAD to protect Risk Off positions if we get back above 1.06 again. Trade this hedge. 3. Look to other markets eg Corn for the money.
4 comments:
I notice that there is an inverse H&S forming on the S&P futures, taking the line from June 25th to Aug 5th as the neckline. What do you think?
Possible. But we would have to break 1130 to confirm.
Yeah I'm just thinking that the bigger H&S gets a lot of press, but no one is looking out for the other one. If one considers the economic data in the US and calls for double dip then one might be inclined to think that stocks should head lower, but if one focuses solely on the charts then isn't it just as probably that 1,130 breaks rather than 1,040? Would you personally cut your shorts and flip long on the break of 1,130? I've been considerably short for awhile and feeling the pain.
All depends on your time frame. I try to stick to the bigger time frames as far as possible.
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