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What I'm Watching

|Includes: iPath GBP/USD Exchange Rate ETN (GBB), OIL
Euro, may trade down towards 1.3450 area, if it finds support around there and if PIGS sort their act out i'll go long

Oil, looking for a pullback towards $83.60 before any resumption of the long oil trade after the EIA data this week if it's bullish again. Watchout for rollover!

GBPUSD, may start to firm if the Ireland situation gets resolved quickly, large UK banks are on the hook for a lot of Irish bonds so the Pound is trading sideways until we get a clear sign a deal will be struck soon.

AUDUSD, looking for a retest of 1.00 this week, higher if the Euro problems are resolved fast - lower if China acts on tightening.

S&P500, the 1189 mark held last week, looking for a gradual rise towards 1227, first resistance @ 1211 - all bets are off if Euro zone and China act up.

Disclosure: Long AUD