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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.
The chart basically speaks for itself. Click to enlarge.
Now. Discuss. : )
Since Monday, hmmm were there any secret meetings that day…. The Yen has been falling. I laid out a fib retrace and am expecting the Yen to hold support at the 50% line. This is the new fuel for the rocket ship we call our stock market. This is also causing the precious metals some grief (why I bought DUST), and oil to some extent, as well. My belief is the Yen will renew its climb when our Fed does nothing in April, and no way in June with Brexit vote, on tap. In the meantime keep your NUGT’s warm.
Last week, Gartman made a big deal about how he was long corn. I never look at corn, but just out of curiosity, I did a Google search on “Gartman Corn”. What came up was something not from last week, but from 25 months ago. Here ya go:
Crude Oil is down another 2% today, after spiraling down nearly 4% yesterday in reaction to a much greater than expected build in Weekly Inventories.
Let’s notice that the weakness off of Tuesday’s recovery-rally high at $41.90– against the upper-channel boundary line– has traversed the entire width of the channel, as the price structure probes the lower-channel boundary in the vicinity of $38.50, where the weakness should be contained, ahead of renewed buying interest.
That said, my intermediate-term work also has rolled over, and suggests strongly that any bounce off of the lower-channel boundary line will be short lived ahead of downside continuation towards $36-$34.
