Think about it and then see if it makes sense. 10% higher from here, or roughly $88 on the dollar. Sounds crazy, but if you read the following post from Jeff Cooper at Minyanville, it might not seem so crazy. TEN PERCENT?
Daily Dollar –
It now appears we have support at the 50-day and have gone right on through the 10 and 20 day MAs as well.
Weekly Dollar –
As Cooper’s writing discusses, the triple tops can be seen here. Repercussions could mean stocks correct, commodities correct, and who knows what bonds do? Lots of things have been moving together lately, so this may be a corrective phase for aligned assets.
A close around this 81 area on Friday will certainly start a potential process of higher dollar moves and should help markets correct in the short term.
In my opinion we need it….so we can establish a more true test of the market’s strength. The longer markets keep going up with no pause, the harder the eventual plunge.
Will be watching the 1,281 area on the ES for a pop and drop around NFP in the morning. Looking for it to break on through to the other side.