Friday, May 05, 2006

Market Update for Friday, May 5, 2006

Market Update for Friday, May 5, 2006
"If at first you don't succeed, do it like your mother told you." ~Anonymous

Happy Cinco de Mayo everyone!


June Australian Dollar ADM6
We're still holding our own in the Aussie trade. Leave exit stops below the support from yesterday and today. You might want to squeeze the trade with a profit order off 7750 as well.

June British Pound BPM6
Ideally the stops should stay below 183.50, but we're up nearly another $1000 and going into the weekend. I might consider using the intraday support at 185.00 to make the trade a little tighter.

June Canadian Dollar CDM6
Got tagged by the CD as the market dipped below 9020 today. We were pressing hard, but the market did look like it was going to head lower today - but it didn't. Take the day off tomorrow and enjoy your profits.

June EuroFX ECM6
Not the kind of fill I like to get - late in the day - but regardless we're currently long the EC. There's not too much you can do with the stops right now. Either leave them where they are or bring them under intraday support at 127.35.

June Japanese Yen JYM6
I'm going to hold off buying the Yen going into the weekend, but I'm still quite bullish on this market.

June Mexican Peso MPM6
Hmmm....I thought about selling the Peso again, but the market has lost much of it's original momentum. I think I'll hold off tomorrow.

June Swiss Franc SFM6
Looks like I should have bought the SF instead of the EuroFX as we had a bigger move here. Standing aside for tomorrow, but I'd like to see something higher.

June US Dollar Index DXM6
I was toying with a sell yesterday, but I couldn't get the numbers to jive. If it wasn't Friday I'd get much more aggressive selling, but it is, so I won't.


June Unleaded Gas HUM6
I wonder how long it will be before these big declines make their way to the gas pumps? Look for possible support at 195.00 tomorrow.

June Heating Oil HOM6
Big move in Heating Oil as well brings us back into bear country. On hold for the moment however.

July Crude Oil CLN6
Needless to say I wasn't expecting a move like this or I would have sold the market on the RSI break from yesterday! Just watching for Friday.

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