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Monday, November 21, 2011

Gloomy Monday?

Seems to be a gloomy feeling in the markets so far this morning with a lot of major products down.

I'm bearish on the Euro and it's taken a fair hit in this morning's trade. The S&P500 and the EUR/USD have been pretty much tracking each other over the past couple of weeks and it's not surprising to see the S&P down too.  I normally like to try the well-known S&P gap trade - but I'm going to give it a miss today as there's been a fair drop this morning and the mood continues to be negative. Besides, we've some 'Existing Home Sales' data due out in the US later so that will probably take over the markets.

By the way, Forex Live is a great site for finding out the latest news that will be coming out each day and how important or not it is - they have an excellent calender for that stuff:

Make sure you adjust the timezone to suit locally. It's essential to know what big announcements are being made. When I started trading, I'd often forget to check the calenders and the next minute the markets would start going mad over some news and I'd lose a packet!

On the racing front, there doesn't seem to be a lot of opportunities out there although I do like the look of Mangoel in the last at Kempton, priced around 9/5. She wasn't doing much at all but she switched to Jim Best's yard and he seems to have figured her out.

Anyway, here's the Euro vs Dollar 15min chart for this morning, showing the early losses. It's interesting to see it test the 1.346 level numerous times here and fail to break up through. There's almost a straight line of about 6 candlesticks on that level:

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