Monday, February 14, 2011

2/14 pre-open

I bought 1% DX futures last night at 78.45.  Daily M/A resistance is at 79.07 and overnight it appears that a first 5 up is complete. 
As for the stock market I'm flat and waiting for a decline to take out critical support, currently 11,995.
I expect but do not demand one more rally high to complete the count.

The bond market is basing.  Another minor rally in stocks will keep bonds within the base and will also correspond with a dollar retracement of it's first 5 up.

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