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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (3051)	1/3/2001 12:55:33 PM
From: John Pitera	Read Replies (2) \| Respond to of 33421

Hi Chip, as you have pointed out, when The USD took out it's uptrend, it's fallen like a ton of bricks. the USD put in a nice double top in Oct and Nov. there has been a lot of money being made by being long the Euro off the late Nov lows at the .85 ish level. being long the euro short the Yen on the cross, has been even better. Markets take time to set up for these macro moves, but they do tend to unfold over time. The euro is coming up to a solid downtrend line @ .96 that has been in force since the currency's creation, and the .96 area is also a .382 retracement of the entire decline from Jan 1999. So logically it could be reaching some resistance at this point and it will need a pullback to the low .90's to occur over several weeks. Here's a chart, and it was a very nice rounding bottom in the euro N'est Pas? -g- geocities.com John