Indeuuuuuuuuud, laddie!
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Well, Ole Glory Glory Ben’ll Doo Ya told you what he was going to do today, so the question you have to ask yourself now is : What ahh YOU gonna do aboud it ? (sic)
Don’t be surprised if all kinds of basket-woven skull monkeying comes out of this latest Fed announcement revealing that — sooprise, sooprise! — the wall eyed pirates are not going to shrink their balance sheet back down after all, and they will continue to launder the soiled curtains of debt they’ve been accumulating with the refreshing detergent of icey-Wintergreen mint T-bills.
In other words, have another round of champagne punch, my not so sober friend!
With the dollar as oversold as it still is, I wouldn’t be surprised to see some “re-invigouration” (sic) in our sickly green currency given the “all safe” pronouncement we just got from Ben regarding continuing Fed bond buying (doesn’t this just seem so very wrong to you??).
In fact, the daily dollar chart is already showing some signs of coming off the oversold condition:
This brief respite aside, I don’t see the relief rally lasting very long. One reason is the terrible technical damage we’ve seen in less then two full months. The 20-day EMA has just today dropped below the 200-day moving average, and one cannot discount the steepness of this recent decline. The smart money is getting out of the dollar for more dearer territories (you can probably name a few now, no?).
You can see the progression of the dollar decline more clearly on the weekly chart. Note, we’ve sped to the first three targets to the $80 level, and I think it’s likely we’ll see a bounce back to $82 here before we resume the downward plunge…
The weekly needs to work off some of that oversold condition, and this announcement is likely a good place for the dollar to make one last sham-stand before heading once more to target #4 at $77.00.
Upon leaving your abode, please be sure to wear your especially configured tam-o-shanters with the lead-and-tin linings, in order to stave off any negative emanations from the cloven hooves and knobby horns of Jamie Dimond and the rest of the Fed Owning Banditos.
We need you to stay strong, and we have our officers out in Manhattan wearing their lids already. Be apprised and vigilant, as fines will be issued for non-compliance.
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To answer some quick questions, yes, ANV is still a buy. I would wait on CREE to see how their lower revenue announcement shakes out, but I think they’ll be fine. I wouldn’t touch JAG with a sixteen-ounce ball peen hammer, no claw. It looks like it’s going to $5 at the moment, and there’s far better choices out there.
Best to you all.
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Lol at wall eyed pirates
You are not only wrong jakey, but exactly wrong.
About the lining of the tam?
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Thanks Jake!
What is this, jake leg wave analysis? If we are “bouncing” off of target #3, shouldn’t that be changed to target #1?
I am not familiar with your methods. Has this “multi-target” system worked in the past?
No, this is not any crazy Elliott Wave Bee-ess. Simply, I’m identifying likely support targets in sequence.
We’ve broken through two and hit a third and bounced. We should bounce about back to the underside of the second target, imho.
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He is trying to trick everyone.
Jake is just kidding around. A regular prankster he is.
An amazingly spot-on predictive prankster (dollar @ $81.89, up $1.10)
That’s me.
I think you’ll find my $82 target will also coincide with an “oversold” rating on the PPT.
Odd, no?
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Jake, how come you don’t actually trade the dollar directly? After all, with all the time you spend analyzing its movements (which have been very accurate), why don’t you make direct bets on it? There are ETFs like UUP and UDN…
Not enough juice in the ETF’s and I can’t be bothered w. currency trading. It’s a whole ‘nother ballgame.
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Good to see you back, Mr. Gint.
Jake,
Could the recent run up of the euro be accounted for soley by short covering on the eur/usd?
Thanks
Some, but not all. The QE had a lot to do with it, I think. You know, the one they say they are thinking about putting on?
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Finally, following the move of the eur/usd today do you reiterate your bounce back target of $82 or will there be an upcoming revision?
It’s a little bit above there already ($82.17), but I don’t expect it to go much further.
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thanks
CREE getting crushed and taking VECO with it
Noted… was actually thinking about grabbing some calls to take advantage of the BS rebound.
PPT is calling…
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Howdy
that’s what you call karma fucker
Good day
Lol. That’s what I call a fly speck on a dog’s ass. I was down to a third of my original position, and I’ll hold this bit til the cows come home as it’s quarter point of the portfolio.
Try harder to pick up on the themes of this blog…
“fucker.”
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I bought that CREEpy thing today, along with a pogo stick.
Bought a starter position of 100 CREE at 59.60. Risky, but I love a good sale!
I think that’s a pretty safe bet here. VECO as well (and maybe even better)
But for tomorrow I like TNA and ENTR best of show.
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Yeah, I saw that too, but CREE is the leader in the space, even though that 12.5 PE on VECO is looking mighty tempting. I didn’t want to make all my buys today.
Not on my regular computer today, so I don’t have my PPT password with me (it’s a jumble I keep on a post-it note)… when I get back into PPT in a couple of days, we’ll see… Still holding VXX and TLT as hedges, and still long BP and MMR, but the strength in the dollar is looking like it will take out at least one of these this week.
I agree, VECO looks like an even better bet than CREE
We got the bounce to 82.50 today. Nice call, Jake.
I see the /DX went to it’s 61.8% line on the Friday-Tuesday move. Can we expect a pullback here?
Far be it from me to invoke the dastardly “head and shoulders” formation, but…. the 50 day sure does look like it’s a comin’ down the mountain to smack this uptick, doesn’t it?
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yikes. equities are going down big time.
you should know that h&s formations are like 30% accurate, at best.
PPT hybrid suggests we should see /DX top out tomorrow and then retreat, no?
Yes, head and shoulders are “bullscheiss.”
That’s what I’m expecting… DX to top along with a PPT “bottom.”
Not sure why Le Docteur is fighting his own macheen.
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Dollar to $100 and more
I knew I shouldn’t have let Woody ask you to show him a “real live Brooklyn crack house!”
Damnit.
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B’sides — You are going to defy the PPT again??
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Jake may well get that gold clad shalaylee, instead of the broken clock trophy.
LOL. If I “win” I want the magic tam o’ shanter.
Perhaps I will plate it in gold at a later date.
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No, i will adhere to ppt laws. Just busting your chops.