Thursday, September 16, 2010

Market Thoughts

Yen intervention has made headlines - with the Jap govt trying very hard to devalue it's yen - this is against the USD headwinds of quant easing - I took a quick trade this morning with the expectation that Jap govt may intervene again, but this didn't eventuate so I quickly liquidated for a short loss - it looks like the USDJPY will likely trade back down to at least 85.00 before deciding where to go.

I shorted the ASX200 early in the session and took about 20 points off - market seem to have stalled last few sessions - this seems to be a good inflexion point if US markets start to turn tonight. I still think we have a few green sessions left - but market price action has dictated my portfolio positioning and I have added QAN, BSL, RHC, BLD to my short book.

I feel that the miners will sell off in the next week or so, just how much is what I'm trying to figure out.

Technically, the intermarket themes still show bullish trends - Oil and Gold continue to trend upwards - it's a shame that I tried to capture oils recent bullish run through WPL - the 44 level just seems to be holding like a rock.

I exited CTP for my first decent gain since I started this blog - $1,170.

I have now completed 437 trades.