The New CS Board

[Oddlot]

FXE is important to the trend outlook for SPX, GLD, and others, and is the primary component of the dollar index.

FXE has similar cyclical components to gold, bonds, etc. It appears to have begun the downleg on the 120day cycle, which has been very significant component for GLD. The forecast for a buying opportunity in GLD to occur in May needed FXE to be in decline in order for the forecast to be plausible. So, it now appears plausible for GLD to provide a buying opportunity in May, and the price level of interest for GLD begins at 123 and stretches down to 120. I believe that 122.5 may be the limit to this decline.

Oddlot