I have two targets below here. One at 74.50
and a long term target of 70.50. There is a rumor that China is
moving a lot of its U.S. Dollar cash reserves into Euros. This does not
look good for the dollar if it is true. Who really knows what the Chinese
government will do. There is one other credit crises that hasn't been
addressed out side of the lenders and that is the insurance companies. How
many of them have put how much of your premiums into mortgage backed securities.
Or just mortgages themselves. This will also impact the Dollar.
There is also a crises brewing with the NASCAR Set. How high will the
price of beer go with the increased cost of barley, hops and wheat?
Another drain on the Christmas dollar. Maybe a six pack gift will do.
We may be near a turn in the dollar decline. This
week is a Near Impulse week for the dollar and Friday is a Near Impulse day
which could mark the low.
Jim White Pivot Research & Trading
Co. PivotTrader.com