This morning, it looks like the dollar's demise is starting to lose its potency with the equities market.
For a while, it seemed to me that the powers that be might as well just shut one of those markets down, because they seemed completely in lockstep. But in spite of the EUR's surge (yet again) last night, the /ES is actually down a little.
Here is the EUR/USD flipped upside-down (because, cough cough, to this day ProphetCharts still doesn't have $DXY), so it is therefore representative of the dollar's weakness.
So we're at the same levels seen on September 21, 2008 (hmmmm, what is it about that date?) And yet looking at the /ES chart – again, shown upside-down:
The above chart seems to me similar to the kind of "lottery longs" that did so well from earlier this year. But, remember, it's upside-down. I can almost hear this chart revving its engines.
