Wednesday, May 15, 2013

Today's Tidbit

I am short on time but wanted to get this done before I go out to my son's 6th baseball game in a row. In a nutshell, the US economic numbers today were all worse than expected and guess what, Stocks went up fairly nicely-what else is is new? The US dollar did pop above 84 today but could not manage a close above that 84 handle. Lets take a peek
I like the technicals as of the moment and am looking for the dollar to start to sell off from here. It is simple now, if the Dollar gets back above 84 and makes new highs, it is more than likely going to rally! I am sticking with my bearish stance on the dollar.

Now let me show you what I like the most based on today's action. Lets look at the CAD
I am a buyer with this setup and I can live with getting stopped out @9785. I really like this technical setup for a nice rally to finish out this week.

As for the Euro, I am hoping the low was made today @ 12845 and still think it is headed higher. For now, all you have to do is watch the US dollar. I still say the Euro trades above 135 sometime in the next couple of months! The high may be in for the Dollar on this latest rally, if we get back above 84 and hold, then I am guilty of being wrong with my views.

Last, let's take a look at GOLD-As long as the Stock Guys keep drinking the punch and equities continue to go up with no downside, I have no interest in trading GOLD! The chart says it all my friends.
I leave you with this and I have an old friend to thank for it. Thanks Judge!
Is that not something else or what? Have a good night. If you are trading, my advice is to be quick and nimble, you do not have to hit a home run here. If the currencies do indeed start to go up, trail your stops!

Thanks for following


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