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16/2008
04.08.2008
Editor's
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Stock market in correction mode
Hello,
last two weeks can be seen as slow move up in correction . Volume decreased and markets are in waiting mode.
Maybe market participants are enjoying warm summer weather instead of hectic trading.
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I do not want to make a lot of trades, too. I want to see this correction finished.
Some indexes already approaching their resistance areas. I expect to
bounce from them and resume new downtrend move as I think markets are
still in bearish situation.
During my analysis I noticed weakness in Semiconductors and Internets
and if this will continue, it can drag Nasdaq down. And so Nasdaq
could be leader of new downtrend.
I also noticed a lot of interesting issues in currency markets. As you
know you can trade currencies not only on Forex markets but also by Currency ETFs.
Currencies like EUR, GBP , CHF and also AUD are losing their
strength. It looks like time to enter new long trades in USD against
some of these currencies. It can be start of new strong trend
move.
Happy trading,
Richard
Currency ETF
I have mentioned currency ETF stock in my commentary so it is good to know that currencies can be traded also by these special currency ETF stocks. They are ideal especially for longer swing trades or position trades.
.... top of newsletter
Sector and ETF Watch List
Long
ETF watch list: XBI, BDH
Short
ETF watch list: TTH, SMH, HDN, XLU, XLI, DBC, USO, IEF, TLT, LQD, FEZ, EZU, EWM, EWG, EWA, EWP
FXA (Currency ETF for Australlian $) has broken its mid term uptrend. I
expect that it is start of strong new downmtrend with targets near 84.
Stocks Watch List
Long
Watch list: ABI,ACOR,AMGN,AUXL,CELG,CFFN,CLHB,COV,CRL,MDCO, MYGN, ONXX, RIGL,SQNM,VRTX,CVD,JNJ,KG,NVS,VRX,WYE,AZN,PRGO, DRIV
Short
trade watch list:
APD,ATPG,BG,CMG,CRZO,DNR,DRQ,EOG, FCX, INP,
JRCC, KMB, MUR,NCX, NMX,NYX,PCU,PDS,SGY,SHY, XOM, DE
Questions ?
I will be pleased to reply to any of your questions. Do you have
something to discuss ? Or would you like to read something in next
issue of newsletter or on my web pages or in my blog ? Let me know .
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