Thursday, November 12, 2009

Possible LONG Set Up On FCPO !

Alright Guys. let take a look at the news 1st. I know you all like to read news.
-The Dow and the Standard & Poor's 500 index closed at 13-month highs on Wednesday as an upbeat forecast from a top homebuilder and data from China pointed to a strengthening global economy. The Dow's advance was its sixth straight as comments from top Federal Reserve officials suggesting low interest rates will stay for some time added to the positive tone.
-Japanese stocks rose, extending gains in the U.S. after Federal Reserve policy makers signaled interest rates will remain at a record low.
-Oil traded near $79 a barrel in New York as Chinese crude imports climbed in October to the second- highest level ever as increased production spurred fuel demand. Crude oil for December delivery rose 23 cents to settle at $79.28. Prices have gained 78 percent since the start of the year.
-Corn prices fell from a two-week high on speculation that U.S. farmers will accelerate harvests that have lagged behind the average pace because of excessive rainfall. Corn futures for December delivery fell 0.5 cent, or 0.1 percent, to $3.94 a bushel on the Chicago Board of Trade.

I don't have much comment about FKLI as this index is heading up steadily. The last thing i would want to do is speculate or try to locate the peak.

FCPO Daily Chart

I might be looking at a LONG set up here, with upside bias on my mind, I am actually waiting for a break out and trade with it. Market seem stall at the moment, hovering with ranging period. If this uptrend is valid, it should break up and continue its momentum. And when that happen, it doesn't matter if you buy at high because you can sell higher. Just a matter of how you approach risk. Happy trading everyone.

Disclaimer: The author is not liable for any loss incur due to this write up and trade recommendations made by this websites.


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