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Jamie's Pick: 09/30/11

Jamie's Pick: 09/30/11

2011-09-30 15:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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I'll wait until October to put on new positions. The EURUSD best exemplifies my current thoughts -

“It’s too early to say that a low is in place and it is best to wait until October (new month, new point of reference with respect to time) before taking a strong stand but there are signs that a EURUSD bullish base is forming. Price has broken above short term trendlines and sentiment is extreme (recent Economist cover, COT positioning, etc.)” The EURUSD is making a run at its lows and time will tell if it holds. If broken, then weakness could extend to the mid January pivot at 13250. Resistance is 13490-13510. Early October action will offer an opening range to trade from (best way to play reversals and extensions in my opinion).

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