Last week was a hectic and unfortunate, my house got break in, they ransack everything and took everything valuable. well, anyway let look at the game so far. Below is the highlights on the financial and commodities world.
-Dollar rallied across the board on Monday as stocks, gold and oil tumbled. U.S. stocks slid, erasing an early rally, on concern lawmakers will phase out a tax credit for homebuyers and Bank of America Corp. will have to sell shares to pay back its government bailout. The dollar rebounded from a 14- month low against the euro and oil wiped out an early advance. As a result, Dow Jones dip about 104points to 9,826 and commodities prices dip about 2% on yesterday close.
Due to dollar rise, stock over the states stalled and pullback, rendering the Dow Jones to retreat below 10,000 mark. Our equity market re-act and open lower, eliminating previous week gain in one blow. Nonetheless, we might have a long trade set up coming up as I believe the uptrend is still intact. It will take new level of bear power to push the price down.
If you look at Weekly chart, the index is still holding well above support trend line, MACD is giving a sell signal though. So do not SELL yet !!!!
I expect CPO price will open lower today due to weaker commodities prices yesterday. Always look for a chance to buy for FCPO as uptrend on this instrument is still intact. FEAR not and BUY when the price hit your target.
Disclaimer: The author is not liable for any loss incur due to this write up and trade recommendations made by this websites.
0 comments:
Post a Comment