Thursday, July 29, 2010

Risk- Trades Coming off

Durable orders came in last night @ -1% leading to the 0.6% fall in sp500.

Commodities have been rebounding as of late, but the downtrend in commodities may follow gold and oil lower.

I have shorted 200 BHP @40.45 on a 0.5 fib retrace and near resistence levels, and have shorted 700 FMG @ 4.32 also with technical looking for a good risk/reward setup.

I'm also 10,000 AUDUSD short, inflation figures came in below forecast, removing the expectations of a rate hike next week - thus this allows for short term momentum to the downside, that interacts well with the global overbought macro theme. A simple stop @ the price before the news announcement is placed.