It appears the 400 plus rally has faded. As I write this Asian markets tumbled, Europe is dropping and we are set to open way down (150 plus).
The dollar touched under 100 Yen today. Reminiscing, as a young trader a 3000 yen to the dollar. They have certainly devalued the dollar. It seems a race between countries who can drop the currency the fastest.
So what do we do? Load up more on the natural resource stocks (we may get a good correction here).
Short the dollar, use the Philadelphia exchange traded etf's on currencies to go long those currencies against the dollar i.e the Aussie, Brazil etc. As everyone knows, I like to use calendars, but at these times with the rapid deterioration of the dollar, diagonals may be my preference
Stay safe, today should be wild.
2 comments:
Dell,
I appreciate your comments; can you do this Tuesday webinar the 18 as Paul isn't going to be there?
We could all use your commentary on the rate cute?
I just loaded up on more xlf; once it goes up again next week I will 'leg in' and sell the short month.
I cannot do the webinar. You know how much I would love too. I get a kick out of doing that.
So many have liked my thinking and way of trading the market that I set up this blog so that they would not feel out in the dark.
I will post about the rate cut and you can gleam from that what you want.
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