This is a short and sweet update
The US markets are in confirmed rally now. Major indexes like sp 500, nasdaq biotech are participating . Down are commodities and oil . So it looks like my bottom call was good. As of EURUSD, it broke the support and my call was wrong. Now look for short opportunities
This is a game of averages. Let us see this market rally is going to play out
Saturday, July 26, 2008
EURUSD is in a trading channel now. Now it is at the bottom of the trading channel. From a technical perspective, there are multiple support at this level. See image below. There is a good chance that it will move up. Time to toe in and take a long position now. If it break down (closes below on a daily basis) then get out. I think it is a low risk entry.
Well, I was wrong last time jumping the gun in june calling the bottom. OK. But got out of the market with little damage soon it failed. Looking back i think i needed to do that. No body can predict the bottom to the dime.
Now did we see the bottom already. I think so when S& P hit 1200 in mid July. I am toeing in again. Waiting for a dip to get in the market. This time not looking for the best names in the markets or market favorites. Strategy is to buy stocks which already declared earnings and raised their outlook. No more buying of stocks which has earnings in the future dates. Also want to get into couple of badly beaten good names like Goldman sacks. So two prong strategy...
beaten down good ones and the ones already declared earnings.