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It wasn't that long ago that I didn't ever look at the FOREX markets. These days, I'm practically obsessed with them. They are, more than anything else, the driving force behind what moves equities.
The correlation has been extraordinary lately. Back in April, it was so comically close to 1.0 that we might as well have just shuttered either the FX or equity markets………
Over a longer timespan, the correlation isn't 1.0, but one market is definitely leading the other. As it stands now, it seems that equities need to "catch up" somewhat on the downside that the Euro has painted.
The best hope the bulls have at this point is the trendline I've drawn below. We've come down so much (more than 1000 pips) that the risk of a bounce is very real. However, if this trendline is broken, the bears might as well strip naked, get drunk, and start dancing on tables.
I know I've posed this question before, but I must ask again – what is the fascination with this guy?
Every time the guy farts, there's a media frenzy, as if Uncle Warren is some kind of infallible genius. He made his fortune, yes, but take a good hard look at the performance of BRK.A over the past five years: a big, fat, 0% return! Whoop-dee-freakin'-doo!
Every time I hear about the Oracle of Omaha (or, if the reporter is particularly blinkered and misses the clever alliteration, the Sage of Omaha) or am told about the annual "Woodstock of Capitalism" (ha! ha ha! what a hilarious, droll metaphor!) where a bunch of blue-haired old ladies meander around a convention center, I want to puke into a bucket.
He's a really rich old man. Goody for him. Now STFU.