Last week I wrote that it looked like a double top in Dow Cash as 12,400. Probably in a week or two, after the market breaks to 11,833, which will be 567 point, there will be an analyst on TV discussing “the mysteries of technical analysis”, and how 12,400 is a mysterious “double top formation”.
Buy 11,833, Look for a bounce. Buy 11,666, look for a bounce from there. I would be a very active buyer at that level, 11,666.
In the S&P cash, look for 1278 to be the next panic sell off low. This will be especially be a good target, because we […]
Generally I don’t speak about specific currency plays. My plate is full enough trading the stock indexes, gold, crude and corn wheat and beans.
However, I do look at the currencies, specifically the dollar, the euro and the yen.
I like to have a general feel for what is going on there, but I generally don’t put direct positions on.
Today is different.
DX, US $ index, is hovering at a trend line at 76.78. It’s not a perfect trend line. It was violated On 11/5 with an intra day panic trade below, however it was fleeting, and DX settled well above that trend line […]