Change of pace in this post with some monthly forex charts and multi-media "candy". Do Gary Shilling, Bob Prechter, Michael Panzner, etc. count as "candy"? Maybe to contrarian traders, like me.
We had S&P500 index weakness this week but US Dollar strength. But all I hear in the media is – "the US Dollar is going to zero and gold is going to the moon". I don't disagree that printing money will eventually devalue it – but most of the printed money is still sitting in reserves held by the banks and has not made it's way into the money supply through greater lending.
I think there's a major difference in time frame being considered and the commentators should be clearer on that. Are they taking a 10-year view? And if so, is that viewpoint helpful to a trader?
Here is what I'm seeing on my forex charts:
- Approaching monthly cyclical turning points, and
- "End of Trend" warning signals on daily charts
Forex Charts: US Dollar Index (monthly & daily)
Forex Charts: Euro (monthly & daily)
Forex Charts: Aussie Dollar (monthly & daily)
And now for the multi-media "candy".
Gary Shilling, Economist
Gary Shilling on Forex Charts
Gary Shilling in an interview with Yahoo! Tech Ticker. "I think the Dollar is in for a substantial rally. Two reasons. One, it's a safe haven … and the second thing, everyone's on the same side of the boat." (around 4:25)
By the way, I think Henry Blodget and Aaron Task are THE best financial interviewers in the media. Their questions and comments are always spot on – they know what they're talking about (unlike the pretty bobble heads on the other networks).
Bob Prechter, Elliottian
Bob Prechter on Forex Charts
Bob Prechter, Elliott Wave International, says "I'm very bullish on the dollar. Super. I think it's going to be up for a year or two." (around 4:30)
Michael Panzner, Economist
Michael Panzner on Forex Charts
Michael Panzner is not exactly a US Dollar bull but "In the short run … I sense that we may see a Dollar rally first." (around 5:30)
Karl Denninger, Trader
Karl Denninger on Forex Charts
Lastly, the inimitable Karl Denninger from The Market Ticker. Now Karl has "outrage" – 'nuff said. Good luck with your trading.