Friday, June 24, 2011

Uncle Buck: DOA? Hardly...

One wonders to what point USD will have to rise for policy makers to blink... into the much ballyhooed QE3?  Tuning out the hysteria, the simple daily chart says this...

Bullish falling wedge into a bottoming pattern of some kind, breakout of wedge, MACD 0+ and a new daily uptrend by AROON.  It is time to begin to target upside termination for future reference.

Survey says... let's manage the 38% retrace to around 79 for now.

For fun, try to reconcile the hysteria in the previous post with this chart.


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