John Pitera's Market Laboratory Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : John Pitera's Market Laboratory

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Mark Adams who wrote (4353)	8/10/2001 8:10:11 AM
From: Chip McVickar	Read Replies (1) of 33421

Mark, The professional analysis is better, but one has to pay for it...! John Pitera's posted commentary is excelent. Here's a clip from Hightower that a friend just sent. Notice the difference in tone. MORNING FOREIGN EXCHANGE COMMENT * HIGHTOWER RESEARCH FOREX:8/10 OVERNIGHT CHANGE to 4:15 AM:$ -5 ,YEN-22 ,DM ,BP+8 DOLLAR: A number of key support levels were violated this week but more importantly the standing of Alan Greenspan in the view of the international investing community is probably at the lowest level it has ever been. Right now, the Fed is being tagged with "misjudging" the economy. Furthermore, (unless this is an orchestrated attempt to lower the Dollar) a continued go slow stance by the Fed could in fact result in a rout of the Dollar. Upcoming critical long term support of 114.67 could really spark the stop loss selling in the Dollar. We think investors are very rational in their desire to get out of the US for better opportunities elsewhere. If the Fed jumps in with a 25 basis point surprise cut it should still be safe to sell that rally! The big picture trend is down in the Dollar. Look at monthly charts the Dollar could have a long way to go. EURO: Rumors were flying Thursday that the ECB might be ready to cut rates but the real buying fuel seems to be coming from money vacating the Dollar. It's not like the Euro zone condition is that much better than the US but most think that the extreme undervaluation of the Euro is enough reason to be long. Next upside support in the Euro is 90.35. YEN: We are basically shocked that the Yen managed to rally in the midst of a confidence loss in the US. The BOJ is talking a further easing of policy as concerns toward the Japanese economy are certainly on the rise. While the Yen might rally short term, off the cross spread affects with the Dollar, this is not the type of conditions to project the Yen consistently higher. Those that are long the Yen should take profits and only re-enter lower in the range or when the US shows some better numbers. SWISS: One should not be afraid of being long the Swiss but near term resistance is getting closer at 59.55. There is no doubt that the Swiss is getting most of its gains off flight to quality so the US has to stay slow and the Fed has to stay inactive for the Swiss to continue higher. POUND: We think the Pound is due for a correction back toward 142. If anything there is no trend in the Pound and it is now short term overbought. CANADIAN: Employment figures this morning do not look to be impressive enough to alter the downtrend. The negative news from the US is swamping the Canadian and Canadian prospects. Canada would probably like to export itself away from the US right now! Another re-test of the mid July lows of 64.58. #CURRENCIES: DOWN GOES THE DOLLAR UNLESS THE FED MAKES A QUICK MOVE *

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next