Bluepoint daily market view - July 10, 2009

L shaped recover has arrived. All the economists still can not figure out what to do, both in the developed and developing world. The trading model of the world is broken. You can not have a world where developed world consumes and developing world produces. It worked for a while, even 30 years, but the crisis has finally arrived !!! Outsourcing has run its course and now must correct or depression will set in !!! Fair trade is the only answer. Today equities are still poised to make their big move down. If 882 on the s&p 500 breaks to the up side we could get a bit of short squeeze to 904-907, but in the end I believe we still will make this big move down. Short Bonds over 120.10 for scalps. Dollar got hammered yesterday, but should recover today.

Bluepoint daily market view - July 9, 2009

UBS traffics and launders money for US and other global tax cheats. Why do we allow these criminals to continue like this. Close it down ... now !!! Equities have broke critical support at 872 to 875 on the s&p 500, but will move back up over this support line to potentially 882 to 890, before it moves back down to challenges these recent lows. Big move down could be on the cards. Continue to scalp short Bonds above 121. Dollar has had a good rally, but may take a rest today.

Bluepoint daily market view - July 8, 2009

2nd stimulus??? Japan has done 9, and it does not work. We are following in their foot steps. America prepares for a 20 to 30% reduction in its standard of living. Politicians need to implement fair trade ASAP !!! Equities are at a critical support point at the 872-875 area on the s&p 500. We also have a massive head and shoulders pattern on the day chart. If this area breaks we could be looking at 790 to 820. Currently short Bonds, but if the equities break support - stop out. Dollar could break out of recent ranges on the equity break.

Bluepoint daily market view - July 7, 2009

California is $26B in the hole. Arnie looks tired - he should have stuck to acting. Is California better off today with Arnie? You be the judge while you try to cash in your IOUs... Today equties look to move a bit higher (900 - 908 on the s&p 500), then a move down to challenge again the 875 level. Scalp bonds via shorts over 119.04. Dollar moves a bit lower but then be careful for a dollar rally and a breakout of its current range. Pound has been a leader in setting trends and it has broken down, other currencies could follow.

Bluepoint daily market view - July 6, 2009

Most know I am living in France. In France they have lowered the sales tax (VAT) from 19 to 5%. I dined in several restaurants this past week. Not one had adjusted their prices. As usual all the hype about how this will help people go out more was just nonsense. While writing this blog I see futures are getting ever close to the 875 level on the s&p 500. If this breaks we could see a swift move lower. So the play is scalps long with stops just below 875. This is a crowed trade however. I do believe eventually the 875 will eventually break though maybe not today. Scalp bonds via shorts over 119. Dollar moves a bit lower unless the equities break lower.