If I were a daytrader I'd actually go long at this price near $53 and sell as it moves back to $54+. The outer end of the range is $52 to $55.50 but almost all the action is in the $1.50 range of $53 to $54.50. The chart is still exhibiting weakness over the intermediate term - anything not well over all moving averages or at least the 50 and 200 day MA's during such a melt up speaks volumes. Earnings Nov 3rd - might be the only thing to wake it up.
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As an aside there is a G20 meeting of finance ministers this weekend where Geithner will talk about the "strong dollar" (I assume with a straight face). Brazil is not even showing up as they appear quite peeved by the constant money printing which is causing havoc with inflation in strong economies. Much like they did during QE1 they are taking more steps to try to keep easy money U.S. pesos from flooding their country. Any country which is realistic with their inflation figures is showing large jumps... with the exception of course of China which insists it can grow 10% forever with only 3% inflation (wink wink).
Western (and Japanese) money printing ---> floods of inflation in East (and Brazil). Hopefully Geithner has that smile working overtime this weekend.
No position
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