Friday May 12, 2006 - 11:11:54 GMT
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Black Swan Capital - www.blackswantrading.com
One day wonder indeed!
"Throughout all my years of investing I've found that the big money was never made in the buying or the selling. The big money was made in the waiting.â€ť
Yesterday we wondered if the dollar mini-rally was a one-day wonder. We expected more from it on the Fedâ€™s comments and our view it was oversold. Today we have our answerâ€”it was a one-day wonder indeed!
The dollar is getting smacked today on a whole host of issues:
â€˘ China surplus
â€˘ Concern about US deficit
â€˘ US slow-down, evidenced by US retail sales, in the works
â€˘ BOE rising rate expectations
â€˘ ECB rising rate expectations
â€˘ BOJ rising rate expectations
â€˘ Kuwaitâ€™s revaluation of the dinarâ€”Saudi may be next
â€˘ President Bushâ€™s approval ratings in the tank
â€˘ Gold soaring
There may be many more, but thatâ€™s enough to do the trick.
Jack Crooks, Black Swan Capital
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