Memorial Archives

$USD Chart Portfolio
posted May 29, 2004 at 03:02PM

Lots of probing commentary, and penetrating insight going through my head. But when I sum it all up, I have little of practical value to say; but perhaps your eyes and experience can see things in these charts that mine do not.

I am still of the mind that a higher order correction of the entire move down is in order - but the momentum indicators have serously deterioriated on a daily and even weekly basis.

In the very near term you have bottomed out stochastics brothers and 50% fib support as well as the fact that the dollar did NOT get sold off the day prior to a warning laden long weekend.

However even a bounce here does little good unless it STRONGLY gets back above its 200dma. Another rejection there would form a very bearish chart formation and clearly pave the way for a retesting of the 85 lows.

I pray to the stock-gods that the dollar is not embarking on some never-ending ending diagonal..which will make one really have to work for one's money

Cash remains my baseline position with only very very short term trades being the preferred methodology.

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