Monday, August 10, 2009

....one more thing

Concerning my last post on the Dollar. If we give up 79 and keep trading below that level for any meaningful time or in any meaningful fashion, 'risk' trades like commodities and stocks are going to catch a bid again and keep getting people involved to the upside. The TD counts on the Dollar are not complete and suggest a few more weeks of downside. (That doesn't have to happen of course... its just an analysis technique, but there it is.) Other Currencies are still holding important support zones against the dollar as well. If those give on several companion currencies, then I will have more confidence we have a solid intermediate term bottom in. As of now, its watch and wait.

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