Thursday, December 30, 2010

12/30 pre-open

The Euro explains what to do with the dollar.  On the hourly chart it shows a series of 3's with the latest peeking just above it's old high but closing the hour below.
The dollar index cash daily chart shows price declining into an important M/A in the process of building a triangle.
The crude supply report is due out this morning and is expected to show a drawdown but the market has fully discounted that with last week's rally.  Prices broke down overnight and there will probably be support at 90.225 basis Feb.  I will hold the short through the expected bounce.

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