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Temporary Extension May Provide Opportunity to Off Load Assets – Oct 11

October 11, 2013

Inter-action with my Subscribers during the day…..


7:51 AM   Sell Euro around 1.3565…………
 9:14 AM  Euro @ 1.3568 = Hope you have sold Euro around 1.3565 & GBP around 1.60 & GOLD @ $ 1295………….Wait for my next signal…….
9:20 AM  GOLD @ $ 1286.50 = Book your profit……………….around $ 1285-86.50…..
10:00 AM   Sir,   hOld gbp and euro long?
10:01 AM   yes…………
10:02 AM  Sorry sir,   Didn’t update the page
10:02 AM   Moeen I recomeded to short Euro around 1.3565 & GBP around 1.60.
Please clarify…………
10:05 AM   Ok got it sir.  Thanks
10:38 AM    next in gold buy prefered sl 75
11:25 AM   manish, patience. NYK is tricky…………….
11:29 AM GOLD @ $ 1286 = Gold could still deip to test $1280-82 zones…………
11:38 AM If you want to take a quick chance sell around $ 1290-92. stops $ 1295………
12:44 PM   GOLD @ $ 1263 = book your prifit around $ 1255-63………………….
This i why NYK is unpredictable market……………Enjoy
1:33 PM  Excellent last call ( quick chance ) on gold. great
1:41 PM  Yes, this is why I do not try to rush in NYK market, which is unpredictable. Thoug I try to get sense about the market nood, but at time untimely query makes things difficult for me.
However, $ 1275 -77 is the crucial level failure for test and move above would see another test of $ 1252-57 zones. $ 1247 is the level, should hold……..Cheers to all that have benefited from this move……………..
2:16 PM  Holding shorts in GBP and EURO… Waiting for your call to close. Thanks
 2:17 PM  GBP @ 1.5948 = Book your profit around 1.5942-48…….Cheers
2:19 PM  EURO @ 1.3554 = Risk is that failure to break 1.3535-40 my see another test of 1.3580……Suggest Squaring Euro Position………….\
 3:08 PM  Ok pals, despite tough conditions end of a great week.
Have a nice weekend………….

Republican leaders proposal to offer temporary six-weeks extension to the debt ceiling limit prior to meeting US President may have given sigh of relief to the market, but this needs more clarity to cool down market sentiment. The Republicans are aware that they are risking blame of the damage caused to the economy when it is already on the recovery path. Take yesterday’s US jobless claims data that has shown sharp increase in claims because of processing problem in California region caused by shutdown. IMF, Japan and China have voiced their concern about grave consequences to the world economy in case US defaults.
The world stock market may have responded to the temporary stop gap arrangement, but there has to an announcement tonight before market resume its activity next week and any delay to announce temporary extension of debt ceiling limit may once gain cause jitter in the market. However, six-week is too short period for mid-term investments and it may provide good opportunity to plan offloading of risky assets.
As many have started to believe that tapering is unavoidable, IMF and World Bank President also spoke on the tapering issue, which means it has been discussed at other important financial forums or they are at least they have been informed about US plan. But six-week delay would surely mean that debt limit extension until November, which could further delay tapering unless it has been decided by FED to act.
At a time when there is ongoing battle on debt ceiling limit issue, the release US economic data becomes irrelevant, which is incomplete due to partial shutdown and quite a few of them are not being released. Therefore, fiscal uncertainty will continue to dominate the financial market.

Gold & Currencies Update Later……..

Twitter @asadcmka

GMT 3:05 – GOLD @ $ 1293 = Choppy trading to continue. Failure to surpass $ 1295-97 in Asia will see dip towards $ 1283-85 zones.  But fall should not extend towards $ 1275. There is a risk for correction in NYK, a move beyond $ 1302-4 is required for more gains.
GMT 3:10 – EURO @ 1.3539 = Euro should find top around 1.3550-60, but needs to break 1..3505 for a move towards1.3488.Or else 1.3595-00.
GMT 3:14 – GBP @ 1.5983 = The rally could extend  up to 1.6000-10, but 1.6030 should be tough to crack and should dip back to teat 1.5940-50 zones. or else 1.6060.
GMT 3:19 – JPY @ 98.52 = Potentially JPY should further weaken and move towards 98.90-00 zones, but should first correct towards 98.30-40 zones and then push for 99.30.
GMT 3:24 – AUD @ 0.9479 = The current rally should exhaust around 0.9500-10 and unless move beyond 0.9560 risk is for  bigger correction. However, during the day the level to watch is 0.9430-40, break would encourage for 0.9410.

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