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So will oil’s performance be directly correlated to what the dollar does?
I think as long as the dollar just keeps going sideways oil will continue to move higher.
Euro now headed down into a final intermediate cycle low. Probably a marginal break to new lows (bear trap) to panic traders and get the shorts to load up again. Then a big reversal into an intermediate degree rally over the next 4-8 weeks forcing all those shorts to cover at a loss.
any news from greek?
Yep, there is a shortage of hair oil for tightly curled hair and the price of too tight white trousers for waiters has shot through the roof.
No, no news.
Looks to me that the $USD index has broken out of its consolidation pattern that it formed over the last month. Assuming we close above 95.25 on the index; this would suggest another leg up with a target area of at least 97.25.
Maybe. But sometimes those first breakout moves are failed moves. If it is confirmed tomorrow, I agree.
I doubt it. The euro is deep in its cycle count. I expect a bear trap in the euro and bull trap for the dollar followed by an intermediate degree trend reversal for 4-6 weeks.
Well Gary, even you said that the dollar would need to correct or consolidate to work its way out of its overbought condition. That is exactly what it did. It has now broken out to the upside and will hit 97.25.
I doubt it. It’s very late in the euro cycle and due for a bottom any day. When the euro bottoms the dollar will top.
There are already divergences forming on the weekly charts so I think the breakout will be a bull trap followed by a 4-6 week correction. After the correction then the dollar has a shot at 100-102.
Looks like little Johnny got it right; and I did not have to use any of this cycle babble BS. Just simple technical analysis. That’s all you need folks.
http://www.cnbc.com/id/102458578?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=102458578
Gary, are you still seeing a dip in the conventional stockmarkets coming – including the bio techs?
It’s due anytime now.
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