As detailed in the 8/15 piece "Be Careful Next Week", we have
seen changes in the momentum or direction of markets of
interest. As expected, the US dollar has backed off from key
resistance at 78, oil is trying to bounce and gold is as well.
I also pointed out the vulnerability of the stock market, which
failed to take out minor resistance last week and which broke
down today in a minor way. Of all these trades, I am most
interested in the US$ at this point. The dollar experienced a near
vertical liftoff in recent weeks and needs to find a trend.
I owe some more substantive posts, but have been sneaking out
with grandson for some fishing and swimming. I should be back
on track soon.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!