Saturday, July 25, 2009

Add GU long Add UC short

Markets are really not trading in sync at all. And I, in turn, am chasing my own tail since there is no direction in the currencies. I missed the exit on GU this morning so I am buying more here to get a better average price. As weak as GU looks today, it is still above the 4hr VP and is trading above the psychological level of 1.60. Oil is making highs, the DOW is sky high. The Euro is super strong, only GBP is weak today.

If you make a basket of what moves in sync when markets are risk seeking, oil drives and the continential currencies follow. But only GBP is lagging. Feel confident we will see 1.65 before we see 1.64 again.

UC made new lows, got a new sell signal. Added half a position. Seeking sub 1.08 again.

The cleanest trade of the day was long EU. I wasn't on it. EU is a real fox. Always playing dead until it's not. By then, you lose interest and you miss the best trades.

No comments: