Tuesday March 28, 2006 - 12:23:50 GMT
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Black Swan Capital - www.blackswantrading.com
Fed day...spin the wheel
â€śBlessed are the young, for they shall inherit the national debt.â€ť
The dollar is backing up in front of todayâ€™s Fed rate announcement, despite the expectation of another hike. Surprise good news on German sentiment is helping the euro. Aussie and NZ$ are bouncing higher, from being oversold.
Does the Fed throw a bone to the US housing market today, either explicitly (unlikely) or implicitly? Knowing that information may not help us determine if or when the Fed is done, but we would expect the market wouldnâ€™t care for at least a day or two as they pummel the buck.
If there is no genuflect to housing, maybe the buck climbs the global imbalance wall of worry on hot money flow. The wheel is spinningâ€¦step right up and place your bets!
Jack Crooks, Black Swan Capital Subscribe to the Black Swan Letter
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