Dollar Strength & Stock Market Correction
Dollar continue to rise, and I still hold my sell position on EUR/USD (already make more than 100 pips profit). Like what i said in my last post. There should be large probability for trend change. I am holding sell position for long term and playing short term mostly on sell side.
There some important economic data would be announced for today. They are :
08:30 pm : USD – Core Durable Goods Orders m/m (H)
08:30 pm : USD – Unemployment Claims (H)
08:30 pm : USD – Durable Goods Orders m/m (M)
09:45 pm : USD – Treasury Sec Geithner Speaks (M)
10:30 pm : USD – Natural Gas Storage (L)
Stock Market Trade
After one week decline, The S&P 500 index closed higher due to short covering on Wednesday.
We still have major support here. There are 2 support line for the bull. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term.
The chart touched 61.8% fibonachi level and trace back.
I myself have a position on Bear 115/120 Call Spread on SPY. I think i will close this position as the value almost 0 (maximum profit), while waiting what happen next in the market