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We spent all day tightroping the edge of the knife, with the dollar up over $81.15 at one point, and looking to scratch it’s way back to another resistance level at $82 (see yesterday’s chart).
I am eating samitch after samitch whilst trying to get transactions done in my real-world job before the arrival of Santa and his hated Year-Ending Elves. These elves are characterised (sic) by their size 15 purple Chuck Taylor sneakers and black leather jackets. The come to destroy your year end payouts by crashing deals or worse — extending them over the dreaded January 1st barrier, where goblins dwell, stretching their cold emaciated hands out to offer only sauer kraut on cool buns — and no dog, hot or otherwise.
But I won’t bore you with all that trouble. Suffice it to say I’m busy, and I don’t like what the tragically unhip North Koreans have been doing to my dollar, especially combined with the large selling on strength in the SPY’s that we saw today.
Right now the dollar is banging once again at the $81.00 level, even after it fell off in late day trading today to flirt with the high 80.60’s. I’m afraid I won’t be quite right until I see it disappear below the waves of $80 for good, which may not be for another week now, given the friskiness the mentally challenged greenback bulls have exhibited here.
So I may actually dump my calls for reals tomorrow, but I may also eat a samitch. Whatever the case, given today’s selling on strength, if I see the dollar threaten rain again, I will be clearing out of almost everything but my PM positions, with the exception of MON and UPS.
When it rains we must be ready with the bumbershoot, wot?
Bless you and keep you.
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