Wednesday, 23 September 2009
Dear Friends,
Here is Tuesdays update.
Dear Members,
As per our newsletter, our trading range of Monday and Tuesday fulfilled in metals. We expected higher side gold $1015 and silver $17.23 and at this stage both trading little bit above what we mentioned. From late tomorrow to mid Friday are very negative days so trade carefully. We recommend selling in gold around $1119.80 and silver $17.33. Copper is a great short around $288.20.
Stock markets are moving higher, we expect profit booking soon coming in USA market but still all major markets (Asia, europe and USA excpet China, Taiwan and India) can remain up for the next one week before they melt down (it doesn't mean that you buy, one should take puts options as they all can fall any time). Our first day is Sep 29 and Second one is first week of October and final one is 13 October from 1000% market will fall without any doubt.
In our weekly newsletter, we recommended buying in oil on Tuesday so one can take position in oil. Natural gas will come from late evening so sell natural Gas around $3.80 (current contract).
Still our recommendation in grains is stay sideways, soon time is coming and we already mentioned in this week letter. We will come out with update as per our newsletter.
Avoid trading in soft commodities from late today as sugar, coffee and cotton will fall from here.
Dollar is trading lower and it touched last week low of 76.22, once again great opportunity to build position here. I don't feel fear to call that soon Euro and Pound will be par value against USD.
Tomorrow is rate decision, and I strongly recommend that one should start buying DOLLAR after announcement and sell, stocks metals or commodities.
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Thanks & God Bless
SHARMA MAHENDRA, Tuesday 6.50 AM