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Strategies & Market Trends : Waiting for the big Kahuna
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To: GROUND ZERO™ who wrote (80503)7/15/2008 6:24:54 AM
From: Real Man  Read Replies (1) of 94695
 
Yeah, like I said, bad expirations are more likely after
a prolonged decline. But that should probably put a bottom
next week. Gulp! I vote for turnaround Tuesday next week
and 1160 <G> U right. Oh, and watch the dollar. Any sharp
decline is a currency run at
this point, and is extremely undesirable for the bullish case.
The problem right now is that bailing out FNM/FRE downgrades
US sovereign debt, so the Fed is out of the equation. If they
print, they cause a currency melt, cause the market will
expect and now be scared of that solution. I sorta expect 68 to hold
for the buck and provide a nice intermediate term bottom,
but... <G> If we have a currency run, the Fed will have
to RAISE in this environment, which is not bullish at all,
or the market will sell treasuries and raise for them.
1.60 is a strong resistance
for the Euro, but it should be taken out now IMHO.
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