Yaawwwnn…
Yaawwwnn…
UPDATE 2:38pm EST: I’m pretty quiet today as there is not much to say. We have dropped a tiny bit and retraced a tiny bit. Actually, I’m a bit surprised by that – we are near the day’s highs again and I don’t see much weakness. As you know I did expect us to drop well into the 720 region. Which makes me double happy that I’m in cash today.
FXY is spasmodic right now but I’m holding my long positions into Monday. This looks either like bottoming action or consolidation action – if it’s the latter I won’t be so happy when it drops through 100. Actually, this tape reminds me a bit of the TLT as of late – hey, this even rhymes! 🙂
Gold also slapped me in the face this morning but I’m glad I didn’t waver as it dropped back down. It seems there’s a seller sitting at 942, which suits me just fine. Also holding into next week – meh – I’m stubborn as long as none of my line in the sand isn’t breached.
UPDATE 3:00pm EST: Finally, the final hour – I don’t think I can take any more of this tape. It gets a ten point rating for slow water torture – in some way it did live up to our Friday XIII expectation.
