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DXY Monthly - If this is a longer term USD bull market, as Brent @ Santiago Capital theorizes, this is around the level you'd be looking for a bounce/rally. Yes it has been a sharp/big correction but it was a big move. Fibo projections from here target the mid ~120's, a smidge over the last highs. ....
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"We expect the USD will continue to lose its appeal as the safe-haven currency of last resort," PIMCO's global strategist Gene Frieda said in a note. "We believe risk premiums will decline as inflation – and monetary policy volatility decline."
The strategist points to easing fears around a global recession and new disinflationary trends.
"While higher yields clearly worked in the dollar's favor last year, any forward-looking view must also take into account how the dollar was buoyed by the shocks of 2022 – the Russia-Ukraine war, the spike in energy prices, and inflation – and the extent to which they may abate in 2023," Frieda wrote earlier this week. "PIMCO believes the dollar, which has depreciated since hitting a 20-year peak last September, is likely to fall further in 2023 as inflation falls, recession risks decline, and other shocks abate."
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But what if (global) recession risks do not decline?
Yes and where else does size have to run to?
Blow off top is in. Metals are done for now. Cramer called it once again with his buy gold recommendation.
Believe or not Gold is considered too small a market for size by the big boys. US gov debt still rules the roost for parking big $$$.
It's nothing that a few zeros can't fix.Believe or not Gold is considered too small a market for size by the big boys.
It's nothing that a few zeros can't fix.
Lots of very average to below average earnings after hours. Setting up potential Island Reversals on many tech stocks. I still think the SPY ~$399 area is KEY. Is this a breakout and retest or a Bull Trap. Clearly I've said Bull Trap but we will see. An example from AMZN. This would be possible if you open up back around $105.
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Tonight I got 49 buy signals. My stock scanner goes only for stocks that are trending higher.This move up (in the daily) is fairly broad based it seems. I just ran my stock scanner mid-week (when it is not yet valid) and I got 30 buy signals Uh, that's a lot. Lots of participation.
Tonight I got 49 buy signals. My stock scanner goes only for stocks that are trending higher.
How many stocks in the scan? I think I asked before... auldtimers.
Equity markets cheered the Fed's position, major stock indices surging to record highs when policymakers confirmed they were open to rate cuts. The punchbowl, Goldilocks, the Greenspan put. Nah. The last hurrah before much harsher reality set in. There is no punchbowl and curves told everyone exposing the Fed's fraud.
It's nothing that a few zeros can't fix.
I just got home and I heard that on the way home. Biden is trying to decide what to do. I guess they got all the top secret sites from the documents he left lying around and now they can go target the missile silos. Also some farmland china bought wasn't to far from a major nuke silo in Montana.
My favorite financial podcast. Also just discovered we grew up in the same place and in HS he was on the football team that my brother was captain of. Small world.The market isn't listening, yet.
And then the market powers higher.
There is also a dedicated thread for it FYI.Remember I posted this thing a while back, it's breaking records.
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