OK, second grade Thanksgiving play is in the books and I will not get the pleasure of seeing another one of those for a long time. This is a time of year for reflection and I imagine you will get some passionate posts out of me as we have a lot to be thankful for, but unfortunately we need more prayers now more than anything.
First lets be thankful for the PPT! ICE Cancels DXY Trades After "Impossible" Action Moves Index 9% Higher, $ Plunge Enforcement Team Arrives At Crime Scene Leave it to our pals at Zero Hedge to get he mornings scoop on the action. "The dollar "plunge enforcement team" has been promptly woken up from its Larry Summerseqsue narcolpetic slumber and will rectify any and all attempts at a returns to fair market value." Please read the post as this sort of action directly impacts your trading day (and future). To those of you that wonder why I am on the manipulation train and can't call a top and constantly refer to the fact that "they" can not let the market fall yet, consider this exhibit 1,250,235 of the reasons I think along such lines. At this juncture of the crisis, I would not take this story lightly and use it to read into possible actions to come. I ask myself, "Did someone 'in the know' make a play that was premature trying to front run something?"
DXY daily - OK, let's back up a little and get the 1,000 foot view. The reason I'm showing this is the pink and green trendlines. Pay attention to these major trendlines as they work thru the next two charts.
DXY daily - See the pink and green trendlines? See the resistance (pink) and then the LAUNCH to the yellow, resistance (red vertical) and green?
DXY daily - See the trendlines? Is the yellow falling wedge still in play with this being the D touch and down for E?
By no means should you consider the lower pink trendline out of play.
I focus on the dollar so much because it is driving everything IMO. A weak dollar cures a lot of ills. As you knnow I pay attention to a lot of things, but this is the leader of all markets right now. More to come today.
Have a good one and GL out there.