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  1. #1
    Administrator Martin Kay's Avatar

    Hot Tip from the Geek – SP500, USD/JPY, EUR/USD 12/09-16/2013 !!!

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    Originaly posted by Michael Hodges.

    Spyder Is Making New Highs

    SPX
    Call/Put = Call
    Entry = Below 1810
    Expiration = One Week


    The long term trend of the SPX is still up and it is looking real good to continue the current bounce off of the 30 day moving average. The indicators on the daily charts are currently bearish but in light of the up trend, the support of the moving average and the economic data this near term peak in bearish momentum is a buying opportunity for the bulls. The long term indicators are still bullish and could easily rise to a new peak along with the lead of the shorter term charts.

    There are some things to be on the look out for. The new budget debate is on, the political climate could change in a heart beat but I think that after the last time it won’t be too bad. The career politicians can’t risk their lucrative jobs over the bad PR, especially if they tank the economy. There is also seasonal earnings from the retail sector. So far the shopping season has been very positive, just not stellar but I also think this will not hurt the market too bad. Finally the FOMC meets next week. There is some fear of a taper starting but I wouldn’t count on it. The long term trend is up and that is what I’m trading. I’m buying calls on the SPX with a target entry below 1810 and one week until expiry.



    Yen Setting Up To Move Higher

    USD/JPY
    Call/Put = Call
    Entry = Below 103.00
    Expiration = One Week

    The USD/JPY is setting up to move higher. The strong NFP data helped to firm the dollar while at the same time weaker than expected Japanese data has raised the chanced for more QE from the BOJ. The pair has made a bounce from the short term moving average but is approaching a potential resistance at the 103.75 level. In the near to short term I expect the pair to move up and test resistance. If the BOJ comes through with QE then I expect the pair to break through and keep moving higher. I am trading a call on this pair with a target entry below 103 with one week until expiry.



    Euro Trending Higher

    EUR/USD
    Call/Put = Call
    Entry = Below 1.3725
    Expiration = One Week

    The EUR/USD is in an uptrend. I’m not sure why but it is and I can’t argue with that. Perhaps the strong U.S. data has helped to stabilize future outlook and caused traders to move into the riskier currency. In any case indicators are bullish and on the rise. There could be some resistance ahead when the pair retests the most recent high near 1.3850. This high may coincide with the FOMC meeting next week. Until then I am bullish on the pair and trading a call with a target entry below 1.3725 and one week until expiry.

  2. #2
    Legendry Member Michael Hodges's Avatar
    taper fears completely blew my S&P trade this week. Oh well, this is my signal to wait for another trend following entry at the long term up trend or else a break down of that trend. We'll have to wait and see.

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