Back on May 3rd, I did a Slope Plus post suggesting going long the US dollar. As I phrased it at the time: “The Yen and Euro have been very strong in recent months. I believe this is about to turn, and thus I am banking on a strengthening dollar. There are plenty of ways to play this (short the Euro, short the Yen, etc.) but I’m going to use the lame-o, thinly-traded UUP.”
Well, let’s take a fresh look at the charts. Shorting the Yen has gone pretty well, and there doesn’t seem to be much in the way of support, so this probably is a good “hold”:
I always grumble at how early my biggest dog wakes me up, but it always is the right amount of time to get ready for the day. Thus, here are three quick charts to share………
First up is the USD/JPY; my Slope Plus readers know I went bullish on the dollar last week (by way of short FXY and FXE positions), and the Yen is being particularly cooperative. So far, so good.
Back on February 11th, which feels like about twenty-six years ago, I wrote up this post and made the following prediction for the Yen:
Contrary to what many malicious morons maintain, The FED is not made up of irrational, unintelligent, completely clueless policy makers who have utterly no idea what they are effecting. Let’s get real, they certainly realize exactly where their pernicious preconceived monetary programs are ultimately taking us.
After all, understanding the ramification of their mad money machinations is not rocket science. Flagrant faltering financial and economic signs are everywhere to see for anyone who is actually looking. Of course, issuing never ending streams of debt to solve an already out of control debt problem is visibly not a viable solution. They entirely recognize this, a nursery school child could for Pete’s sake. (more…)