Heinz, some interesting trendlines in play here, the dxy rallied into the broken trendline from the jan low today and newmont mining the most bullish major, hammered off the trendline from the july 99 low and the 1/28 low, both major lows, also newmont is sporting a very oversold 9 days rsi of 26. I thought about dipping on gold stocks today, but i'm looking at the failed breakout of 62, and went uuuuk, i guess i shudda been buying 26 9 day rsi instead of the yukk --gg-
even if the $ rallies into 109.5 resistance, i think it will turn at fomc, whether or not the fed raises rates, because they will get it, the 30 year rates are rallying into major resistance right here at 6.1 to 6.15.
ya right the 30 year bond is no longer the benchmark, the 30 year bond bottomed (and the industrials topped) when the outlook for the economy was unanimously exhuberant by economists at the turn of the century.
I think the rally from 10/98, is a countertrend rally in a continuing k-wave winter and the expanded life expectancies in this century have skewed the time of the cycle.
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