GZ; I also have a strong dip signal, S/MMs are taking up short
positions since about noon today, it may be several days playing
out, but the signal says we go down early next week, ( maybe just
a dip but who knows ) The currency markets are acting strange
and much manipulation going on there.
Since the first rate cut the dollar has fell 14.9% then regained
some it's now off 10.5% , on an average against the pound, yen,
Eu , and SDR, ( special drawing rights ) .
While our market has gone up dramatically in our eyes, foreign investors have not seen it the same, if they pull out the dollars
they get roughly 10% less than they would have before the rate cuts.
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Foreign investors buy a lot of our BIG BLUE Chip stocks, the dollar
went up this morning, and much of a rebound in the dollar will
tempt them to take profits, in a way the falling dollar locked them
in, but now it's gaining back so they may soon want out.
All that aside the tick went negative about 12:30 and the Specialist
are propping up the index as they take short positions.
In as much as we import more than we sell , look for price increases
to work their way into most imports. Inflation lays somewhere ahead.
Jim |
