Monday, June 28, 2010

Monday 28 June Indecision

A sideways choppy day with most markets consolidating in low volume.

S&P is forming either a triangle before a big move to the upside from the bottom of the channel or a bear flag which will break to the downside and see us retest the lows.  I am still leaning towards higher but open to both.

EURUSD looks to have broken down out of its channel.  It had big falls today vs GBP & CHF.  (But dollar buying vs SEK helped support EUR on rumours of a 0.25bps hike later this week & EURSEK is more liquid that USDSEK)

AUD, CAD and NZD traded sideways and AUD did not collapse with the big fall in Gold.
The June 2010 COMEX gold futures contract expired today. The rollover to the next contract likely contributed to this morning's plunge and means Gold could snap back sharply.

The S&P breakout will likely give the direction for risk for the next few days so time to wait and see ...

Open positions:
CRUDE short 78.75 stop 79.05 PT 77.00
AUDUSD short 87.50 stop 87.70 PT 86.60 
NZDJPY short 63.25 stop 63.50 PT 62.60 / 61.80
EURGBP short 81.75 stop 82.05 PT 80.25


  1. Looks like S&P is finally breaking down. Its down 13 handles in after hours trading right now without any major market moving news.

  2. Yeah I kept looking for the news ... Perhaps the market is pricing in Friday's NFP already.
    NFP is the first one without the census jobs.