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Marc Faber: Euro Oversold, If S&P Above 1150 Could See 20% Correction

  
Analysis, Education, US Market, Video
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Market: “I’m not so sure that we’ll make new highs but if we make a new high above 1,150, I don’t think it will be that far above the 1,150 level, maybe 1,200, and that thereafter we have a bigger kind of correction on the downside.  I think if we make a new high then I wouldn’t rule out a correction of at least around 20% and don’t forget many shares in America and globally have already corrected 20%, so for them to make a new high isn’t going to be all that easy in the first place. So what we could see is a new high in the S&P and the Dow Jones that is not confirmed by the new high list. In other words you will make a new high with fewer stocks making a new high than in January.”

Currencies:  Euro: “Now the Euro is very oversold and the news has been horrible. Everything you’ve read has been a disaster for the Eurozone and I think the Euro now can rebound to around 1.40 before it goes lower. I think there’s nothing good about the US Dollar, but I don’t think there is much good about the Euro either…”

US Dollar: “When investors realize that the fiscal deficits aren’t going to come down, that they’ll stay very high. When they also see that one state after another is essentially bust like California and Illinois. And when they see that monetization will become inevitable in the long run, I think at that point the Dollar will be weak. But don’t forget it may not necessarily have to be weak against the Euro.  Both currencies are sick and so both could go down and then ultimately you just have one or two sound currencies, notably precious metals and I think the Asian currencies will then probably also appreciate against the Euro and the US Dollar but notably precious metals will then be strong”.

Asset Class Right Now:  “Right now as of today I would probably go long the Euro and probably be long US Treasury Bonds but only as a trade for the next say 5-10 days and then we’ll have to see further.  In general, I would say better be in stocks than in bonds because we’ll get more inflation in due course”.

Dear Traders ,Just see ..What I had forecasted/Written about S&P 500 on 19th ,28th Jan’10 and on 3rd Feb’10

Technically Yours

Are You Taking Trading Too Seriously?

  
Education, Video
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Here’s a great video about trading psychology, even though it’s not directly about the stock market, futures or Forex, and doesn’t reveal any day trading tips. But it does contain a secret most traders are violating every day.

Trading is a great business. I love it, I’m passionate about it, and it is so much fun that I’d do it even if there were no money involved.

But it’s not just me. We traders are a passionate bunch.

We spend a LOT of time reading, studying, trying different indicators, tweaking indicators, testing various strategies and looking at chart after chart after chart.

And then you add the money factor – and well, we can get to be a bit obsessive (just ask any trader’s spouse!).

Work ethic is good, and it does take a certain amount of experience in the markets to become successful. The problem arises when you take things TOO seriously. That causes a block of your mental and emotional energy. And in extreme cases, it can have negative consequences in the rest of your life.

This video isn’t about trading. It’s about life. And therefore, it is about trading.

Enjoy, and leave a comment below with your reaction to the video.



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