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Market Update[August 23rd 2000, new text in blue]: Swiss Franc performed a perfect key reversal if you
consider a
24 hours chart, during the overnight session it touched .5727 (Sept.). It should fulfill every condition: RSI clearly
oversold, a lower low, a higher high and a higher close, including a close only a few ticks form the high of the
day, all
taking place in the very last minute of trading in Chicago, see SF0U click on the left of Sept. Future (updated a
couple
hours after the close). The Dollar Index (Sept.) touched 112.05 before backing off, closing down .32 at 111.33.
Again
nothing is sure, but this could indeed signify an important long term reversal for The US Dollar, and could be a
prelude for a sinking stock market later this year (December), next year and towards 2003. There is no direct
link,
but it could signify a massive outflow of money, for what ever reason. When the cycle is correct, normally the
right
kind of fundamental news seem to present itself. It is advised to pay attention to Gold, as the dollar might decline,
the metal is so miserable, that even the die hard gold bugs could be surrendering here. The perfect conditions, and
the recreational short sellers could also be in for a surprise. Again I don't know, but the point is; never give up
GOLD, and this is the time one should be alert. A thought about the submarine accident, it exposed that the state
of
Russia is such that they have to bring some kind of confidence into the system, who knows they could eventually
launch a Ruble backed by gold, held overseas (the thought have surfaced before, during crises). Its like an
alcoholic
who have reached rock bottom, and finally have to swallow his pride and ask for real help. They asked Norway,
to
help them to open the hatch to their own sub marine, how low can you go. The divers said: it was no big deal,
except
they did not save any of the unfortunate sailors. Still the publics confidence is so low, that something will have to
happen, again just a thought. We saw a lady on TV, who in say in 45 seconds described the system better then
the
western press have managed in 45 years. It is always this kind of fearlessness among the public, that bring down
unaccountable regimes, fascists or communists alike. OK, communism came down a decade ago, but not much
have
happened for the average russians. Neither have the SYSTEMS attitude changed much. |
