$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.