Potential setups.....

This morning here at the flatbook there are two potential setups that we are mulling over. The first, brought to our attention by a friend of the flatbook, is an SPX long at 880. Indeed, since early May 2009, 880 has proved a key level of support for the S&P500 and we might be wise to speculate that it'll hold. Momentum however, is very much to the downside and many market insiders are forecasting a considerable retrenchment, something we considered well ahead of time on the flatbook- see our 3rd July post: Breakout to the downside on S&P500?
Nothing actioned yet, but we'll be keeping our eyes on this one....




The second of our setups is similar in form. USD/JPY appears to be in something of a short term decline so a long position is not a conventional flatbook trade seeing that we are going against the immediate trend but we anticipate the 94 level being a source of strength for the Dollar against the Yen. Again nothing actioned yet, but we are watching and waiting......



Safe trading all!

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