Don’t dare ask me about the dollar, small pleb!
_____________________________________________________
Quickly, quickly now, as the spice melange takes maximum hold… I shall reveal the revelations of the spice dreams as controlled by special Bene Gesserit training taught exclusively to me by Madonna.
First, I reiterate, with cement-like, no…concrete-like certainty, the devolution of this market will be marked by the application of much spice melange to my upper respiratory tract, especially my nostrils, where it is most tasty and vision-producing.
I envision our dollar to be entering some significant retrace territory on the weekly chart here, and soon, trouble:
As you can see, we are not yet oversold on the weekly (we should not be as we bottomed a mere two weeks back), but we are approaching some significant Fibonacci retrace levels at 61.8% of the latest large drop from the March to December ’09 period.
Not coincidentally, that huge dollar drop brought us our relief market. Now I think she gets ready to drop once again, as the dollar “recovery” continues to weaken at the firm but effeminate hands of Ben Bernanke.
The dollar daily is even more immediate:
As you will note, on the daily, the Gom Jabbar lies even closer to the neck of the weakling dollar, as it is overbought already after a mere 11 days since it’s last bottom-scrape. A mere word will bring it to it’s knees, and I think that word is “Fibonacci.”
Or it could be “black candle,” even though that’s two words, technically.
No matter, gold held fast today, and as I commented to M. Le Docteur earlier today, whenever gold and the dollar rise simultaneously, it usually means one of them is about to break. Today, the dollar blinked first but recovered. The rest of the week should tell our tale.
In the meantime, gold and silver miners may continue to consolidate here. While you are eating that sandwich and waiting for them to break out once again, take a gander at ANDE, the old Jacksonian agricultural stalwart. I expect MON to recover here with the rest of the ags as well.
May the great red beard and moustaches of Frank Herbert bless you all, and good night!
______________________________
Comments »