Again it feels good to be back and I wanted to first start by hitting all the major charts with some comments: here we go!
OIL – It’s seen some modest albeit slow gains since the beginning of July. We are once again coming into the $80 range which seems to be holding strong as some massive resistance. With all the GDP numbers and economic data coming out next week, I would expect Oil to sell off as expectations of a double dip recession continue.
DOLLAR – Major trendline break and retracement coming soon. Look – the dollar has taken a beating lately during the SPX rally. It’s only natural now for the relief rally to try as they might one last time to buy up the USD. It will suck some beginners into thinking it’s real and then continue to sell off afterwards.
EUR/USD – If Fibonacci Retracements mean anything to you then you can tell where we expect this pair to go.
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