Monday, August 10, 2009

The Most Important Chart?



The Dollar regained important support last week at 79. That is a TD support level off of a TD Sell Set Up on the weeklies. As of now it continues to trade above that level. It gave it up briefly this a.m. and most of the 'risk' markets (I hate that term, but that is the way things trade now... its all one trade... the correlations remain horrendous)like copper, crude, A$, strengthened; it regained the 79 level and pressure came right back on those markets. The Dollar still has some work to do to convince me its put in a bottom... but there are signs on numerous currencies that we could be close. The Gold/Silver ratio is strengthening today as well, which is a sign of risk aversion.

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