FX Chartapalooza Copper, Silver, Gold, Dollar, Oil, AUD, EUR, USD, JPY, CHF

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I don't so these all that often, bus since I am tired of talking about all the downgrades and lies about salvation, and since I have not covered most below in some time ..........

Note - all the below should scare the hell out of you (and I am not including the markets). This looks like epic collapse and no stick save option is available.

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/dx - US dollar - Breaking out above long term down trend. After a 40% devaluation off the 2001 highs you had to figure a rally would have to occur at some point, right? How great is the fear around the globe right now? Well, if they are flocking to the greatest fiat on the planet, that would conclude your lesson on how this global economy is the greatest farce ever manufactured. $81 and $88 are the best two targets here if this improbable run can continue.

Afternoon Delight 09/21/11, SPX, DOW, BAC, JPM, GS, MS

No need to rehash a QE that will deliver $1b a day or more in bunches and work the 30yr to control rates. It was disappointing and the market reacted as such (after a bit of digestion). STB thinks the Fed is holding back for bigger events to come and had to deliver something.

Let's hit the news quickly. Not sure how long I have been telling you to focus on the EU liquidity situation, but it has been a while now. Call this The (ZH) downgrade edition