Intraday Commentary ~ 12/23/2010

By
FocalEquity
– December 23, 2010Posted in: Intraday Commentary, Stock and ETF Models

2:36pm
Waiting for that UNG 1 minute to break out of the descending resistance.. as a buying point.

12:40pm
So far we’ve been getting a lot of buying conviction off that 1.3050 level on the EUR/USD support. How is everyone trading the euro/usd or anything that is affected by it? 

11:15am
Looking to get in on the UNG boat?? Might want to look at this chart below (hourly), i’d get in on a small long position once the red line resistance (descending) breaks… Rememeber there are a lot of fakeouts – and i don’t like going long on descending patterns, but a small position won’t hurt:

10:03am
If you shorted AMZN yesterday or the day before that, start thinking about putting that trailing stop at profitability… rememeber AMZN is still a strong stock, we only shorted it because it hit a resistance point in an ascending pattern. 

8:30am
Euro getting another hit this morning despite bouncing up yesterday. We are going to find out over the next day or two whether or not we will see the Euro at new lows, or if 1.30 is where the Euro bounces off and starts a new push higher.

Like i’ve said before. This 1.295-1.307 area is incredibly important support and could result in a major collapse in euro and indirectly gold.

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Sun Tze is one of the founders of FocalEquity.com. After going through multiple transitions, Tze, Charlie Cheng and their new team are bringing new changes and features to the new FocalEquity.com in 2011. Tze is specialized in financial modeling and has a masters degree in Finance.