Thursday, November 5, 2009

$DXY - Any Questions?

UPDATE - Did DXY breakout and backtest? We'll have to see.


From 14 hours ago on Kenny's site "I guess I mentioned it in an email to K earlier and not here- I'll add it to my morning post tomorrow, but DXY is riding under a upper trendline that it will meet sometime tonight. It has a partially filled gap below. If the trendline holds and forces it down to fill the gap and then moves to a lower trendline near 75.25 or a double bottom - if the trenline gives way pop goes the weasel. We'll know in the am for sure what direction it will be moving in I'm guessing. Jobs as well, so might be a double whammy either way or one up and one down. Can;t speculate, but we'll know in the am."

It popped pretty violently off of the lower trendline and took out the upper. Got to get the kids to school, look for more in the morning post later.

I have been harping about $DXY's position tonight. DXY is and will trade so these charts will look different in the am and that is why I am writing this. Sometime between now (8:00 est) and midnight it hits the trendline. This trendline may be a little shaky just coming off od two points at the top, but then again it may not be. We'll have to see what or if anything happens when it gets there.

If there is some meaningful existence to the trendline does it force price down thru the gap to a double bottom or does price break up to one of the fib targets in the chart?

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