Dollar getting whacked again?

Hi all Anna here
Well I guess last weeks bounce in the dollar was just that, a bounce. I cannot believe that it just can’t get any momentum.  What an ugly chart, gaps everywhere.

The Bulls just looks like they are going to melt up to 10,000 so they can wear their stupid 10,000 caps, oh god how silly is that?

1:19pm EDT: Mole here – I’ve been pretty quiet here over the weekend except for a brief post on Saturday. It’s not that I’m slacking – since Friday night I was slaving over 25 hours in preparation for my business trip, so I simply didn’t have any cycles available to follow the tape much. Today’s early rip up was no surprise to me and it we seeem to be following the path I’ve outlined last week.

What’s funny about this chart is that I put it together before I read Anna’s update – LOL 🙂 Seems that we’re both in sync today. As you can see the Dow already painted a new 2009 high and there is currently a little intra-average divergence as the S&P yet has to follow suit.

Speaking of which – the blue scenario, although still a theoretical possibility, is pretty much dead at this point. As you know that was Hochberg’s count and I never put much stock into it – seemed forced to me and a bit of wishful thinking. Final confirmation of its demise will come when we make new yearly highs on the SPX as well.

The little arrows point out something I’m actually quite proud of – I drew this channel quite early in the game and thus far it’s been holding up famously. It’s quite obvious how we are stair stepping from one 1/4 resistance line to the next. The final step would be around 1097 – and there’s a good chance we’ll get there in the next few days.

This will probably my last update for today and probably the remainder of the week. I might chime in here every once in a while but most likely won’t be able to put up any posts or charts. Officially I should be back by Friday morning but there is a chance I won’t return until Saturday. In the interim Berk and Anna are going to be running the show – so behave! 😉

Cheers,

Mole