Interesting how the market keeps getting pulled back to this "breakout" level.
[click to enlarge]
Dollar up? Check (+0.8%)
Market must go down then.... as HAL9000 decrees.
There is a one day delay on this chart, but essentially the USD is sitting right at the 50 day moving average. A break above it would be very interesting.
If you want to bring out your bear claws, what do you want to see from here? I suppose the dollar rallying and more importantly a break of last week's lows... i.e. close below S&P 1330. For now it remains a chopfest and I imagine many (including me if I was out there) are getting fingers and toes snapped off.
p.s. Copper down 11 cents to $3.90. We noted the weakness there Monday.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows