tag:blogger.com,1999:blog-2335748440449035592.post4283873155329742966..comments2008-08-24T07:45:59.098-04:00TraderMarkhttp://www.blogger.com/profile/06241756200482130281noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2335748440449035592.post-73613318772795132212008-08-24T07:45:00.000-04:002008-08-24T07:45:00.000-04:00Mark,<BR/><BR/>I agree market is completly trendless, except I would advise you to keep a close eye on the $TNX, above 3.8% on the 10 year market moves up and below that level short. <BR/><BR/>Another indicator thats working is $DXY, the dollar gapped up past its 200dma and was under it for a very long time.(inverse correlation with commodities). Dollar is strengthening against all major currencies, it needs to move lower for the previous trends to resume (Oil AG KOL etc). <BR/><BR/>We had plenty of bad news last week and the market parred its losses and was even up in the face of rising oil, so I don't agree with the thinking that its oil has an inverse correlation with the markets (not fixed).<BR/><BR/>The fed can't lower rates in the face of this kind of inflation, this will keep a floor under the dollar (europe R.O.W slowing), do you know of any reason for the dollar to go down in the near term (i'd like the dollar to weaken).<BR/><BR/>The primary trend in this market is UP as that rising wedge which seemed to have broken was repaired on thursday and friday, but right at E/E levels. Long term trend is down, this is mearly a corrective phase in a downtrending market trying to form perhaps a W. We need to retest those July 15th lows I was hoping for that retest move to begin last thursday but it didnt happen (head fake).<BR/><BR/>Please let me know about your thinking on the dollar.<BR/><BR/>Also check out this link about OIL<BR/><BR/>http://www.hardassetsinvestor.com/features-and-interviews/1/1033-analyst-says-peak-oil-is-already-here.htmlQhttp://www.blogger.com/profile/14433765635925628922noreply@blogger.com