The breakout into new high ground on the Nasdaq was clearly a fake out or a Bull Trap. I know many traders that bought into this and spoke about a Super Bull Cycle. Maybe they will be right. However, my game plan is defense. With China down 8% in one day, volatility like that can…
For the first half an hour after China opened, things looked bleak: after opening down 5%, the Shanghai Composite staged a quick relief rally, then tumbled again. And then, just around 10pm Eastern, we saw a coordinated central bank intervention stepping in to give the flailing PBOC a helping hand, driven by the BOJ but also involving…
EUR/USD Signal Update Yesterday’s signals provided a mildly profitable winning long trade when the price returned to 1.1050 and bounced bullishly, although the move up ran out of steam after about 70 pips. Today’s EUR/USD Signals Risk 0.75% Trades must be entered between 8am and 5pm London time today only. Long Trade 1 Go long following…
Gold Room Fort Knox QUESTION: Martin, With your recent comments on gold; you seem to be implicitly suggesting people to sell their gold, since there is a good chance for it to bottom-out at a sub-$1000 level. Wouldn’t it make far more sense to hold onto it at least till November? 1) We don’t know for…
SPX is at its MA 200. Time to bounce to keep this unpleasant chart from becoming ugly like the Dow. Dow is around a short-term trend line but below lateral support. It can bounce but this has technical damage. Uncle Buck was down yesterday as well as the Euro popped (short covering?). Unc…
The US dollar is mixed. It is recouping some of yesterday’s losses against the euro and yen but is heavier against the other major currencies. Short-covering in the dollar-bloc that began yesterday has been extended, and sterling was aided by the 0.7% preliminary increase in Q2 GDP. The rout in Chinese equities continued. Although trading was…
The big question hanging in the air this week is whether or not the Fed will officially schedule a date for the interest rate increase which it has been predicting for the last few months. The Fed meets on Wednesday and although the central bank will probably hold policy steady and no definite announcement of…
It was a volatile session so far, which was mainly driven from the Chinese stock meltdown. Another day, another 8, 5% drop in shanghai making this one of the biggest daily drops ever. EURUSD spiked higher until 1.1112 (two week high) however the rally was contained within its descending channel. EURUSD boost is attributed to…
Photo Credit: Kat N.L.M. This morning, I looked at the fall in the Chinese stock market, and I said to myself, “It’s been a long journey since the last crash.” After that, I wrote a brief piece at RealMoney, and another at what was then the new Aleph Blog, which was republished and promoted…
Bubblevision’s Scott Wapner nearly split a neck vessel today denouncing the US stock market sell-off. It was completely unwarranted, he thundered, because China don’t have nothin’ to do with anything. Why, insisted CNBC’s best dressed pom-pom boy, China’s stock market has never been correlated with its economy, and, anyhow, its economy doesn’t matter all that much to the S&P 500 because China accounts for only…
