CRAZY!!!the chart speaks for itself.
Another Index at an important trendline, The Goldman Sachs Commodity Index (GSCI).
The Dollar is an ugly chart right now, but signs are pointing to a bottom soon with the indicators all in extreme over-sold territory.
After the close, An inside day today, with no higher highs or lower lows being printed over yesterdays candle with a flat close, down 0.07%. There was no follow-thru to yesterdays bullish move only sideways, corrective style moves on low volume, under 1B, on the NYSE. The yield on the 10 year got hammered today closing at 2.398%, GOLD briefly topped $1350 and the Dollar made another lower low closing at $77.41.The SPX could have a top in, as it has now hit trendline resistance from three different sources, we just need to see if it starts breaking down with increasing volume and breadth over the next couple of days.Levels have not changed from those posted this morning.
(Rant)Maybe I just got out of the wrong side of the bed, but that feeling of our Government systematically destroying our Dollar buying large chunks of treasuries to keep rates low seems like suicide for this economy. Business and individuals are not willing to borrow, not because of high rates, but not wanting to take on debt, or add more debt when they see future forecasts showing little improvement on the horizon. Increasing commodity prices caused by a weak dollar does our manufacturing base no favors, and what little gain we get from increased exports will not off-set the increasing prices consumers are going to feel in their pocket books.
Perfect. I commented in your last entry too. The notion that dollar goes to zero equity markets goes to infinity is easier said than done. Because bad things that will come due to dollar going to zero are much worst than good thing of equity (or gold) going to infinity.
ReplyDelete100% agree, only the big boys will profit!!!
ReplyDeleteHey Michael,
ReplyDeleteIt's Todd from Principle Analysis. Check this guy's website out (http://ghovexx.blogspot.com/). He's been blatantly plagiarizing my posts as he's straight up cutting and pasting my posts to his sit and trying to pass them off as his own.
So I've been putting a watermark on my charts now and he's even gone in and removed them and input the price bars he accidently deleted in the process. It annoys me because he's giving me no credit for my work. I Googled a quote from one of his posts and your website came up. So he might be plagiarizing you too. I filed a copyright complaint with the folks who run Blogger, so if it upsets you too you might want to do the same.
Regards,
Todd