It's time to buy the old gal. She is heading for a multi year run upwards. Straight from Bloomberg.... Traders, strategists and investors are the most bearish on the dollar in the history of a Bloomberg survey, with 74 percent advising selling the dollar against the euro this week. Fifty- nine percent of the 47 surveyed on July 21 from Sydney to New York said to sell the U.S. currency versus the yen.
I got this nice little book in the mail the other day. Maybe some of you did too. It is titled, "7 Unstoppable Financial Trends That Can Make You Rich in 2006 & 2007" and it was sent to me by the Oxford Club. Here's the title of the first chapter... "The U.S. Dollar's on the verge of another big shift...how to play it big" You guessed it....gloom, dispair and agony on me. ---bull
Once again......the US is dying right? .... 14:04 US ECON: Consumer Confidence Surprises W/ Rise to 106.5] Boston, July 25. The Conference Board's Index of Consumer Confidence rose to 106.5 in July following a revised 105.4 reading in June (prev 105.7). The result compared to expectations for a drop to 104.5. Both the present situation and expectations indexes inched up which comes as a surprise given high gas prices and a volatile stock market. bull
Keep selling those dollars, we are not quite there yet..... [12:33 US ECON: Durables Goods Ordrs Jumped 3.1% in Jun; Ex-Trans +1%] Boston, July 27. Durable goods orders rose 3.1% in June, above the 2.1% consensus call and IFR"s own 3.0% forecast. May orders meanwhile were revised higher to note a 0.3% rise vs. the 0.3% decline earlier reported. bull
I know.....the Chicago PMI was above expectations because of all the buying of Euro FX contracts on the Chicago Mercantile Exchange. That's it. Can't be anything else. Let's dig in and find some core data that we can run down the US econmomy on. Forever --bull PS - ALERT******Possible Long Liquidations [14:01 US ECON: Chicago PMI Posts at 57.9, Prices Moderate] Boston, July 31. The Chicago-area business barometer rose to 57.9 in July from 56.5 in June. The IFR median was 56.3. The prices index moderated from an 18-year high but remains elevated at 86.8 versus 89.0. Employment growth in manufacturing should be flat in July as that index posted at 50.5 this month compared to 50.4 last month. New orders and production were stronger but inventories and the backlog of orders contracted. The rise in the July business index follows a five-point slide in June to a 4-month low. The index averaged 60.4 in 2005 and 58.2 in the first six months of 2006 so the latest reading, while higher than expected, is hardly indicative of a robust manufacturing base. The inventories index retreated nearly six points and now stands at a 28- month low.
Whew!! My stomach is a little whoozy. It was hard to see but there was strength in the dollar on that roller coaster. Especially against the Yen. I have it holding a key (translated catalyst for extended up move) level. Hope you guys made some money. --bull