Friday, August 24, 2012

Chartapalooza 08/24/12 Dollar, Oil, well .... Everything

I need to churn out some individual detailed reports on the below. I'll see if I can get to that next week. Let me know what you want to see.

Read 'em and weep -

Dollar - I suspect our fiat gets one last pop when the Euro fails. That will piss off uncle Benny, but that's too bad. He'll get his wishes of mega devaluation sooner than later as they MUST devalue to support the exponentially expanding debt of the country. A crash is coming but not till after the Euro failure, rush to safety (LMAO) pop I suspect the failing reserve currency gets. I still think you will live to see the dollar with a $4 handle. Dollar sits at channel support and multi-year s/r  at $81. That's a very important level.

EUR/USD - That green support diag that busted was critical support going back to 2000. The $118 level I have been calling for about three years now (after my first two targets 35 and 25 have now hit). So, how do you chart or call a currency on the verge of total collapse that is still hyper valued? Not sure, you tell me.

AUD/JPY - This sucker was tits on a frog a few years back, mostly irrelevant at this time, but will rear its ugly head soon I suspect. With both countries in the dumps I don't put much weight here at this time.

Oil - That falling blue resistance diag is off the $147 '08 top. Price should meet double resistance here from the blue diag and from the $100 psych level. Being one the verge of total destabilization in the ME is not good. The good thing here is this is the second most manipulated commod on the planet (next to gold), so what you see is not real.

Corn - Let them eat cake.

Copper - I don't know? You tell me. What does Dr. Copper look like it is trying to tell us?

Cotton - I just thought this was really interesting. From $219 to $68 in a little over a year is a full fledged crash in any market. So why are clothes still so expensive?

Natgas - My favorite economic indicator.

Gold - Gold had me worried taking out both white and yellow LT channel supports but it held the critical 1546 area. I can still show you lower target points in the 1050 and 750 areas, but let's not. you all know that I think the PM's and any other hard assets are better than any fiat these days. IMO, don't be picky about price here cause when it has a 10 handle what's a few bucks?

Silver - You see LT support, price channeled into that consolidated as I showed for months and is now apparently breaking out. That's a pretty cool candle on the far right for the silver bulls.

TNX - Been showing you this formation for years. Let me put it simply, any multi year wedge like this (the green one that goes back to 2003 not the yellow which is bad enough) that is overthrowing resistance is not good.

AAPL - Bend over and cough.

RUT Futures - I've been talking about this HnS formation since the 872 top. White wedge is close to an end. RUT like the trannies is lagging the DOW and SPX which have both set higher highs here.

NASDAQ Futures - Channeling up with LT wedge support as channel support. Embedded overbought? You bet!

TRAN - Pretty clean as you can see price is testing LT support here. Green support is important, but that 1928 level of support is critical. Watch for that. Blue near term resistance says that any pop will be insignificant.

/ES - Welcome to my world. Somehow I make this same chart easy for you to follow every day. This is a clean chart believe it or not.

Have a great weekend.

GL and GB!

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