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[gb55]

$USD chart

as expected the dollar took it's cue from the diverging macd and took a nosedive this week....it's nearing that important 61% retrace line....the tunnel (ema 144/169) is also in that same area....if this plays out like i hope it does the dollar won't fall below 76 and we will see a reversal and a breakout above 80 (lower chart).....buTT and this is a BIG ASS buTT....the $spx managed to close above 1220 resistance and that is huge....the last move up to 80 on the dollar is a countertrend rally and even though i expect it to see another leg up to the mid to upper 80's it could just head on down to new lows....i am not nearly as confident in my short position after friday's action in the equities....if the dollar goes below the tunnel i will take my loss in TZA....

i am just your average working stiff who doesn't know shit!!!! please don't trade based on my charts....the regulars here at baggy's know that i'm full of shit and i feel comfortable running my mouth around them....all others beware!!!!!