Yeah, I’m afraid our recent rise and today’s hiccup are all about the craptastic dollar, which my friend Cash & Guns pointed out yesterday may be indicating a rebound. Let’s have a look at our favorite dollar proxy — [[UUP]] . Here’s the daily:
You can see on the daily chart above that we just popped into a pretty stiff consolidation zone today, and that it runs all the way to $24 — which is also close to the significant 61.8% retrace of that long term move at $24.06 or so. But seeing as we’ve already penetrated that line, it’s now become resistance, and will serve as a barrier to our dollar rebound.
Now look at the weekly:
I will leave the conjecture up to you, but it looks like our $UUP dollar may have a hard time getting back over that $24 hump, even as it climbs back from that bear flag breakdown. At least we know where the hard road lies, should it do so.
Right now, I’m taking this as a signal to hold my precious metal positions. Seeing as I’d do that anyway, you might rightly accuse me of pattern bias. However, until the trend changes, I will not consider hedging my positions.
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[[CNXT]] , which I previewed here on Sunday night as a possible “BTFO” if it broke $1.50 did just that today, proving that the Fly’s tech thesis seems to be at least partially intact. In honour (sic) of that win today, I will post two other “techish” names that look to be moving out of long term downtrends as well.
The first is really a medical device play, and — ironically — it was mentioned in a TC post to my blog the other night as a defense of the Israeli contributions to humanity (you’d think the Old Testament and Bar Raefeli would have been enough, but no, these guys just keep on giving). Ladies and gentlemen, teeny tiny colon submarine producer Given Imaging Ltd. [[GIVN]] :
Note, that’s a weekly chart, which really emphasizes the significance of the trend break, IMHO.
Next weekly chart shows a similar strong trend change in Trimble Navigation Limited [[TRMB]] . This one might even get all you “head and shoulders” fanatics’ back legs a twitching:
Yes! great front page pic, I will miss this.
I wish I could run through them easier, than having to “save” and look each time. There were like ten Obamas to choose from…
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Been waiting for a semi-appropriate place to use this…and this seems about as good as it’s gonna get.
Click on link, then click play. Hilarity shall ensue: http://hypem.com/track/866924/
Buy your own damn fries!
What is that?
Sound exactly like him!
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It’s uncanny, ain’t it?
I have not found any other mention of this skit(?) anywhere else, so I really don’t know what to make of it.
“Sure you can have my number, baby.”
Putting a little effort into it…this seems plausible (haven’t read the book):
http://www.huffingtonpost.com/2009/02/06/obama-you-aint-my-b-n-buy_n_164583.html
http://blog.wfmu.org/freeform/2009/02/buy-your-own-damn-fries.html
I dunno what’s funnier, the clips or the Huffpo wackjobs making a big deal out of them being publicized.
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Classic picture of our muslim/socialist half-tard presidente’….where can I short Obama futures..?
Jake i know you are an afficianado of the miners and juniors, curious do you hold any of the physical metal?
Thanks…!
Yes, I do, most of which I bot all the way back in 2001, at (then) ridiculously cheap prices (gold @ $280 and silver at $4.50).
The bad side to that is that at $400/oz, gold looked “expensive” to me. It’s hard to keep buying, even when you should.
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awesome jakester..
PPHM – long side play
nice stuff, jake…love the “noise zone””…beauty!
Is this Trader Alamo? Nice to have you come by!
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Dollar has bottomed
Possibly. It’s got some work to do to prove it, is my only position. $USD Looks a lot more likely to head to the $71 area as of right now.
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Nope… bottomed due to long term trend lines in addition to 5th wave being finished. Note symmetrical triangle on HUI and GLD will be broken to downside. If UUP goes below 23.3 i am wrong, but until then i am fine. had bottoming in 23.3-23.5 range
Would that I had your assurance… I could go fishing!
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Nice work “Old Hickory”
Thanks, three card monte Henry!
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I’m taking size into ENTR earnings for what it’s worth.
Hello Jake reader,
I am Iwin from the PPT.
Also known as master blaster, King of the shippers and head deity of the Direxion and Proshares Bare shorter.
It has come to my attention that Jake has placed an order of blue title. The kind you see in this video. “http://www.thedailyshow.com/watch/wed-july-29-2009/home-crisis-investigation ”
Have a nice day Jake reader.
And once again, please solve the following riddle s I was going to St Ives
I met a man with seven wives
Each wife had seven sacks
Each sack had seven cats
Each cat had seven kits
Kits, cats, sacks, wives
How many were going to St Ives?
That’s “blue tiles” — if you want to see what he’s talking about, watch this one rare funny piece from Jon Stewart’s The Daily Show.
(iWin wins, he does not “embed.”)
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lol, “it’s like having your personal trainer be morbidly obese.”
indeud.
i enjoyed their opening segment last night, which was on our favorite topic: healthcare.
http://www.thedailyshow.com/full-episodes/239876/thu-july-30-2009-judd-apatow
lol @ “pay for healthcare by letting people sell their organs”
(John Hodgman is my hero)
Cash & Guns: Are we calling this ‘a dollar rally’ still? Or is today just a throwback setup for egregious gains to come in the form of EUR/USD ratio of 1:1?
If the above ratio goes 1.43:1 watch POG take even more of a walk.