The TradingEdge

[Mike_Mac]

Oh...this actually is the post that sparked my thought I should say something... The US dollar to me looks like its putting in a downward bullish wedge type formation over past couple of days. This 79-79.20 area looks particularly important in the very short term. A bust up here into the $80 area or so could lead to a nice scalp to downside. But thinking this may be short lived unless we see big negative volume and triple digit decline son DOW.

Otherwise, I have tended to think that we will get into the 77.50-90 range at some point. Overall, the dollar looks like crap and can't really overtake to 9/10 ema on several time frames (but it looks to me close to doing so if for only a short period of time where it will likely fail again (and allow the overall markets to move higher in mid term)).

Tough call here, but without much headline risk here it looks like Dollar will temporarily continue to weaken & mkts strengthen somewhat (but in very short term it looks like the US dollar is close to gaining some strength and helping markets to slide).

Thinking that is a day or two off or so. But have seen some firming in .dxy and .vix.tvix, etc that indicates that we are basing a bit for at least a decent short scalp to upside.

That said unless there is a nasty pull back on the indices that last for 48 hours then looking to take profits quickly on any short term slide. Mike