The last full trading week of 2019 slowly draws to a close and, with the holidays looming, people take stock and ponder the year that now lies behind them. To be honest it’s been a pretty rough patch for me personally as one health issue seemed to be chasing the next. And let’s not even talk about the political and social slow motion train wreck that’s been unfolding on both sides of the Atlantic.
Alright, it’s time to talk about the ole’ greenback. Which, in case you haven’t been paying attention whilst increasing your odds of skin cancer at some overpriced beach resort, has been dropping rather precipitously since the beginning of the year. You may counter that a correction was long overdue since the Dollar has had a pretty good run over the past two years. And you would be technically correct – in relative terms compared with everything else the Dollar has been on a solid run since mid 2014. But in real purchasing power today’s Dollar is a whopping 27% weaker than when Will Smith’s big hit was hitting the charts in the summer of 2002.
Do not despair for the Mole is on the case. While many of you equity addicts are impatiently waiting for your turn to commit ritual seppuku I for one have been monitoring crude with increasing interest. Yes – just like equities crude hasn’t gone anywhere fast in the last few weeks but that is pretty much where the resemblance ends.
It’s crickets on the setup front, nothing salient on my momo charts either. Which means it’s time to relax, take a step back, and review the big picture across the board. Although point & figure charts seem a bit antiquated in this day and age I have never understood the negative opinion some traders hold against them. After all PnFs simply give us an opportunity to cancel out an inherent but sometimes deceptive aspect of your vanilla candle or line charts. And that is TIME.