Thursday Update
My system moved lower to +1350. We have to wait until the G-20 comes out with their statement and I'm not expecting any surprises which is to say that nothing will be accomplished. The U.S. election is a week from Tuesday and the onslaught of earnings continue next week as well which means there are going to be a great deal of crosscurrents over the next 8 trading days. And that likely means some decent whipsaw action like we saw earlier this week in U.S. equities and the Dollar. An example of that today was the $DAX soaring to new highs while the $BVSP continued to drop after breaching its year highs last week. I will post again this weekend...
posted by jason at 10:35 PM
1 Comments:
It is interesting to see that the G20 meeting in April was on the weekend before the high in April. The dollar did not react on the Monday, but then exploded higher on the Tuesday, which helped start the sell off!
We still seem to be following that script, so I guess we wait.
Maybe it is too obvious, but this week last year also saw USD strength after a long downturn, so it does all seem to add up to a top. The only question is did we see the SPX high on Thursday or will we see it on Monday.
Thanks!
-D
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