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Politics : Stockman Scott's Political Debate Porch
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To: t2 who wrote (1176)7/2/2002 1:15:08 PM
From: Jim Willie CB  Read Replies (2) of 89467
 
in the last 4 months, the dollar has NOT been safehaven

I mean the newest arrivals among safehavens
REITs taken hits today
gold indexes looking poorly
gold index charts breaking down
Dow majors not doing well

these are the newest safehavens
all are under attack
the dollar is certainly being propped up now
but check the dollar index versus its 20MA and 50MA
it is Way Way under both
with the serious drop in the last two weeks from the previous stalled level of 110-112, it was 5% lower, bang
that created an oversold technical reading for the buck

if the CB's succeed in propping up the dollar for a few more days, it will take
then comes the nonsense
e.g. worst is over, accounting fraud has been dealt with, retest succeeded at 9000 Dow, dollar will be bouncing, earnings reports will be more favorable in midJuly, and the economy is on the mend

I think we have a dollar and stock bounce coming
/ jim
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