Did You Trade

Good Morning,

Yesterday, I mentioned pretty clearly that as long as the SIMSCI and Hang Seng stays below 330.7 and 20677, traders are adviced to stay away from the long side of the stock market. I am glad most of my graduates followed the advice and stay out. By staying out from the market yesterday will present us a great opportunity to pick bargains as long as the entry price are within the V3Go Rules.

For those who wish go short, you too, can do it as long as you follow the V3Go Rules.

Yesterday, our V3Go TSC has amazingly forecast the STI range nicely. We mentioned that it will trade within the 2775 to 2740 band. The DL was 2741 while DH was 2765. For today, expect the market to find support at around 2706. It closed at 2744 yesterday. Based on our V3Go Indicator, it is an UPSIDE sparrow formation therefore if the Index goes above its OP (Opening Price) today, I would suggest traders to go slow on their shorts. The market may actually go UP instead shall the Index stays above its OP for today.

NIKKEI Futures shares the same analysis in terms that if it stays above OP, traders are not encouraged to short too heavy. If the Index goes above 10150, traders should cut their shorts. No long for today.

Hang Seng Futures,  the Index is expected to break below the 20,000 mark again today. The support level should be around 19977 again. It closed at 20343.  Using the V3Go Indicator, short selling traders are to be careful should it fail to stay below the OP, as it indicates an Upside Sparrow formation therefore market will actually do some bargain hunting instead.

Dollaryen was also sold down last night but if it goes above 89.50, traders are to watch it. If it can maintain above 89.75, I would suggest buying than selling. Overall, I am still very bullish on the Dollaryen as I expect this pair of currency to hit 95 level by mid year.

Crude Oil lost 5% overnight but that doesn’t mean the Upside trend is over. To me, the answer is NO. (at least for now). Last night, the Crude Futures hits a low of US$72.42 and closed at US$72.98, bouncing off the critical support at US$72.72. This clearly shows there are some support at this level. Based on our V3Go charting, as long as it stays above US$73.16 today, this commodity may rebound. Anything below US$72.72 is a SELL.

Remember, the Dow will make ALL markets gapped down… and if the market/stock is in a selling mode, it will be trading below the OP of today. But if the market/stock is trading above its OP for today, then short sellers must be careful.

I will provide more updates as the day goes by…

Have a great trading day ahead! Make more money!!

Disclaimer apply as usual.

Kelvin Han
aka Trend Master
Originator of V3Go Mentoring Program

This entry was posted on Friday, February 5th, 2010 at 7:09 AM and is filed under Commodities, Forex Analysis, Futures Pick, Market Analysis. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.