31/10/2003
Today will be a VERY important day both in terms of data and the technicals. We have a raft of Eurozone data but of far more interest will be the US data.If the figures are able to confirm yesterdays excellent GDP numbers and the bulls are able to take out and close above 1050 in the S&P and 502 in the SOXX then it means that my recent thoughts that the market was topping out are well and truly wrong. Such a breakout would pave the way for 1100/1150 by the end of the year.I have to admit that I have been a bit stupid running short equities this week. The SOXX showed the way and over the last 3 years almost every reversal of trend has been led by this Index. In future I will try not to think so much and stick with what works!
I will be keeping a close eye on the currencies today. My Euro/Stg is still looking good, though there is talk of a european central bank on the bid at 0.6850. I will also be on the look-out for a break higher in the Dollar; there is a very important level in the Dollar/Yen which if breaks should lead to a bunch of option related stops being triggered.(The level is on its way to members). There have been some Euro sales against the dollar over-night on the back of the Yukos affair in Russia. The thinking behind this trade is that any problems in Moscow are bad for Europe as they are the biggest investor in the former Soviet zone.
If anyone is going to the Investor Exhibition at Olympia today then could they do me a favour? Darren Winters is speaking at 2.00 pm and the poor lamb will be missing the crucial US consumer spending, NY NAPM, Michigan Sentiment and Chicago PMI figures. It must be really upsetting for this "full-time trader" to be away from his screens at this time so I think we need to cheer him and his customers up. Could someone please inform "Doji Daz" that his members have won Octobers Muppet of the month award with a massive 63% of the vote. Darren himself came second with 31% but he needn't worry I have a feeling he will be featuring in the Muppet of the Year awards.
Someone else who could well be featuring are ADVFN. Last month I had a little pop at MoneyAM for some of their partner offers but those deals are nothing compared to the stuff that ADVFN have been peddling recently. Earlier this week they were pimping for Darren Winters and yesterday I was given the amazing "investment" opportunity which has turned £2000 into £28,000 since January last year. Apparently gambling on golf is investing and almost guaranteed to make you a boat load of money. By taking such deals ADVFN are doing themselves and their customers a dis-service as I sure as hell will not be taking the advertising deal they have offered me as I have no wish to be associated with any company that has dealings with the likes of Winters, and I am sure that there are many other companies that feel the same.
Harry