Monday, November 30, 2009

Lickety Slick

Monday finds us basically range bound again, but not so fast…. there is something different about this Monday tape, and that is: we’ve seen multiple green Mondays, and this has typically been a very good trending day, but not true today. So.. maybe we’re seeing the winds of change.

As mentioned yesterday, RCB convenes U.S. time tonight at I "think" 10:30 PM EST (will check on that later,) and the high probability is for them to once again increase rates, but the surprise will be for them to leave them alone. Either way we could see some rumble in the Forex jungle on that announcement and we'll be watching how it moves the dollar. Tomorrow's economic calendar includes: Before the bell- ICSC- Goldman Store Sales and the Redbook. Motor Vehicle Sales are tomorrow, but I do not have the time of the announcement. Also tomorrow at 10:00 AM - ISM Mfg. Index, Construction Spending and Pending Homes Sales. Charles Plosser speaks at 12:20.

Retail Holders are not looking too spiffy after Black Friday numbers rolled in, and I wanted to share a few charts on the oil sector for those who trade this up and down. I enjoyed a very good webinar last evening with another TTW trader and the chart on oil and the dollar was brought into focus, and I do believe it's worth watching for not only oil traders, but general trading. It appears we've got some divergence happening there. Keep your peepers on that OVX as well, as it needs to hold support if you're shorting oil. Hat tip to Crowe for reminding us on OIH and that lovely pattern on the chart. Good trading into the afternoon!

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