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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Jim Willie CB who wrote (52309)5/29/2002 4:53:02 PM
From: Clappy  Read Replies (2) of 65232
 
JimWillyCentralBanker,

I see a lot of stuff in the weekly chart of the US Dollar.

Here's what I'm looking at:
stockcharts.com[w,a]wacayyay[df][pf][vc60][iUb14!Lh14,3]&pref=G

1. It's at a point of resistance and is oversold according to a few indicators.

Will it bounce here before heading downward in the coming months?

Do you have the stomach to watch the miners get tested for more than one or two days? That's my trouble... I need blinders.

2. A double top has occurred. Not a good sign.

3. It has a possible H&S formation. Head and shoulders characteristically have greater volume on the right shoulder, I believe.
I would think that this sell off in the buck has had greater volume but do not have the stats on my chart.

Anyhow, it has broken it's upward sloping neckline.

After saying all thins, I still think reading patterns like this is for nimrods... It's not clear cut.

I've gotten burned more times for having faith in a pattern than in my gut.

4. I'm not certain but are those three black crows that I see in those candle sticks?

5. The weekly stochastics have given fairly good buy signals during it's up trend. Each time they crossed upward it has been a good buy signal in the past three years.

Now that the up trend has been broken, will this signal fail? Maybe. It's showing signs of it.

your comments on John Mauldin's column regarding dollar?

I'll have to read it later when I'm not climbing ladders, pushing wire through pipe, or coaching a little league team...

Without looking I'm guessing it's good material to read when I'm having trouble going to sleep or sitting on the bowl. One of these days I'll have to install a PC in the can.

Eat my day old skivies.

-Crappy
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