Forget the jobs number, the market will do what the dollar says. Technically speaking, we are at a critical point for the almighty dollar. Wednesday, we lost the all important $79 level, which now becomes significant resistance. Back above that level, and stocks will sell off faster than Jason’s Treu career on iBankCoin.
The dollar should bounce here as it sits on treandline support, a bounce above $79, will send me back into $ERY.
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Update on Mr. Russell:
The bulls made an impressive stand squeezing a few more bears into the final hour. We closed above the beast, 666, as well as the 20 day MA. Chess has a great post up now on the 50 day, I suggest you read it if you have yet to do so. Click here for post.
Today, I took profits on $WLT, while leaving $GOOG & $GSVC in tact. I’m still holding a wad of cash and will let dollar tell me where to allocate my next lot.
Tomorrow should be another fun trading day with the jobs number bright & early, make sure to keep your eye on King Dollar, $DXY.
Note: Don’t forget to order your $VXX immunity holiday costume here, they are going fast.
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RC:
I must be missing something. Why would a falling dollar make you want to buy ERY. I’m thinking a falling dollar would be good for the stock market and bad for ERY. Incidently, from trough to trough the dollar is on day 17 of a cycle that last 20-25 day, so it should be headed on down imo.
@50, you are correct. Late night error. Post corrected.
So energy I guess you’re saying energy moves with the dollar, not inversely. Now that I think about it, I guess that’s right. But why?
this rebound has been unsatisfactory, and it smirks as though it wants to sell off again…
i think we’re going higher over the intermediate term, but timing the buy will be key.
agreed.