Range bound: trader’s market July 24, 2008
Posted by Warren in FX, Metals, Stocks, Strategy.trackback
Most assets are currently testing either resistance or support, and they will probably be range bound until we get some more definitive news. I think the stock market has squeezed all the positive news it can possibly extract for now (crude correction, no shocking earnings), and the government’s bag of tricks (FNM/FRE bailout, SEC don’t-short list) seems to be waning. I expect markets to reverse their short term trends ahead of next week’s payrolls. My targets for next week are as follows:
Short S&P SEP08: target=1240 stop=1290
Long Euro SEP08: target=$1.575 stop=$1.5575
Long Gold AUG08: target=$955 stop=$915
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