Folks, this one has been tough and has exceeded any of my previous projections for a pull back. Is it parabolic? Maybe? Kind of? But it is very overbought – ok I’m going to say it – EXTREMELY OVERBOUGHT and NEVER in the history of the index has there been this level of BULLISH SENTIMENT. You can’t go wrong BUYING DOLLARS. So, for me that means to watch out …
Here’s my latest attempt at finding a pattern to stop this in it’s tracks … I have NOT gone long the EURO but have gone w/ my gut each time a level has held for a bit but the thrust and “feel” and YES “feel” has a lot to do w/ it just haven’t been there …
So, we’ll keep trying but I STILL BELIEVE that being LONG DOLLARS is the wrong side of this trade for now … a nice multimonth pullback and it will take off again. But for now – well – I’ll stand aside ..
PARABOLIC MOVES ALWAYS END IN A VERY SWIFT AND DEVASTATING MOVE OPPOSITE HOW IT GOT THERE …
Make it a great weekend and happy PI day!
