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Dollar On Fire, Is Short Covering Starting?

Tyler Durden's picture
Submitted by Tyler Durden on 10/28/2009 11:36 -0500



Major DXY component trade EUR-JPY collapsing as the DXY is flying, crushing the momo equity/commodity correlation complex.

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by lizzy36
on Wed, 10/28/2009 - 11:41
#113034

anyone else amused that it is the mcc (s) that are discussing breasts vs wings. 

the belly shot of the "anchors" was not so appetizing

by chet
on Wed, 10/28/2009 - 11:43
#113037

That's what you get for watching that stuff.  You're a glutton for punishment :)

by Miles Kendig
on Wed, 10/28/2009 - 11:52
#113045

Lizzy.  Thanks for destroying my premise that CNBC anchors had a future as a Comcast channel 001 on demand feature hostess.  Those that do this job are required to stand, often in low cut tops that leave their belly's exposed.  Perhaps the CNBC anchorettes are in a worse position than I had imagined. BQ leveraged her position at the market high fo sho.

BTW, with so many folks on one side of a trade there is money to be made in a swing in the DXY.

by chet
on Wed, 10/28/2009 - 11:44
#113039

S&P is now off 4.5% from the peak.

by I need more cowbell
on Wed, 10/28/2009 - 11:48
#113042

Poll: who has most repulsive avatar, Chet or Buzzsaw?

You guys are killing me :)

by chet
on Wed, 10/28/2009 - 12:08
#113071

Yeah, it's a bit repulsive.  Yours is my absolute favorite.  Better than Robo's.

I just wish they'd let you make it a little larger for easier viewing.

by Anonymous
on Wed, 10/28/2009 - 12:24
#113091

Can't you go somewhere else to get your fix? This is the internet after all.

by Anonymous
on Wed, 10/28/2009 - 12:37
#113111

Can't you get your fix somewhere else? This is the internet after all.

by meatloaf
on Wed, 10/28/2009 - 12:42
#113115

Anyone need a hug?

by chet
on Wed, 10/28/2009 - 12:55
#113129

I don't hug strange meatloafs.

by Rama V
on Wed, 10/28/2009 - 12:48
#113118

They are so cute.  I just don't know - so sweet.  Could there be a family resemblance, maybe a family secret,  between buzzsaw and chet?

by jm
on Wed, 10/28/2009 - 13:17
#113153

You got the best.

by Mountaineer
on Wed, 10/28/2009 - 11:49
#113043

Until we break the 50 day this still looks a lot like the pullback from earlier this month. We've been playing with 1050 for a few hours now, we shall see...

by MileMarker17
on Wed, 10/28/2009 - 12:02
#113056

50 DMA is gone and the uptrend line on the weekly $SPX chart is just below at about 1046ish.

by Mountaineer
on Wed, 10/28/2009 - 12:27
#113096

Back to 1053, comfortably above. The entire day has been like watching a seesaw, with 1050 as the fulcrum. I suppose it will all come down to GDP. What is it Rosie calculates the market is priced for right now, 4-5% over the next year? If we can't even hit 3% with cash-4-everything and the homebuyers credit how do we hit 4-5% 6 months from now?

by AR
on Wed, 10/28/2009 - 12:03
#113058

Dollar is entering its' first zone of upper resistance here around 76.60/80 area. It could pause. We're covering some of our euro shorts in this 147.00/30 area. Though we'll re-short on any bounces or retracements higher. Good luck everyone.

by Gordon_Gekko
on Wed, 10/28/2009 - 13:27
#113163

Is that you Nic?

by Leo Kolivakis
on Wed, 10/28/2009 - 12:04
#113060

Bond vigilantes want something from the Fed.

by waterdog
on Wed, 10/28/2009 - 12:04
#113062

Oh yes, the chickens are on their nest waiting for the signal to lay golden eggs. Come on girls, rooster needs to replenish the resale inventory. Get back tax man, and put that ax away. You will be getting your chicken at McDonalds tonight.

by Cognitive Dissonance
on Wed, 10/28/2009 - 18:41
#113540

McDonald's has CHICKEN?

Who'd thunk?

by Anonymous
on Wed, 10/28/2009 - 12:07
#113070

The HUI hammering looks very bullish to me. Silver stocks even more so.

by Anonymous
on Wed, 10/28/2009 - 12:08
#113072

I posted yesterday that I had sold XOM a few weeks ago and proceeded to go short commodities and long dollar. For how long? No idea. One day, I'll wake up to the alarm clock, clap my hands, and say, "Today is going to be a GREAT day!" and close out my position in profit. I tried to make the point that Obama is going to PAY for all of his socialist programs. STEALING from the rich, mind you, but he'll still try to pay for it. It would be amazing if he could get US back into surplus for the next Bush to destroy, but that might be wishful thinking (Impossible, probably). Spending on social programs, Iraq II, and NOT paying for it was the Bush trade. THEN, it was smart to go long commodities. We know NOW that Obama will do everything in his power to punish the petros (see Green initiatives) and raise taxes on the thinkers and producers. This is not a recipe for dollar shorts...

by Anonymous
on Wed, 10/28/2009 - 12:21
#113083

About a third of the demand for this week's 182 billion treasury auction comes from overseas. This gooses short term dollar demand by about 60 billion. Next week the dollar will be down again (I predict).

by AR
on Thu, 10/29/2009 - 09:19
#113997

Anonymous / If you're still available to respond.  Could you explain further your above thesis and further elaborate?  And, why "This gooses short term dollar demand by about 60 billion?"  Reason: There have been many other auctions this year, and especially, these past 2 months. The dollar during this period, has not seen any real or sustainable bounces despite these other auctions translating into dollars being exchanged due to these treasury auctions. Thus, can you eloborate further your reasoning if you can, or is your thesis based upon "hunch" versus statistical data?  Thank you...

by Stuart
on Wed, 10/28/2009 - 12:42
#113116

When QE supposedly ends, all other markets are under pressure.  The beast needs to be fed and the beast is hungry.   The treasury market is going to devour the other markets until spending stops.  FUGLY!

by Anonymous
on Wed, 10/28/2009 - 12:48
#113122

There's supposed to be the biggest bond sale in history this thursday so it looks like all the money and metal stuff is getting pre-lubed for raping.

by rr_
on Wed, 10/28/2009 - 12:53
#113124

I'm watching the eurodollar contract to see if the issue is in euroland as it was in the fall.  So far the answer is no.

by Anonymous
on Wed, 10/28/2009 - 13:18
#113154

1.4670 is the spot to watch on the EURUSD. That is where the 55 day ema comes in. It has been strong support since the first of June. It has bounced off of it 7 times. Break below it and you could see a big rally in the dollar because that's sure to be stop loss land below there. And I see a head and shoulder forming in the S&P. Base of 1025, head at 1100. The left shoulder and head is formed. S&P should hit support at 1025. If it rallies then should be stopped at the 1068-1070 area to form the right shoulder. If patteren forms and it breaks the base should move 75 points lower to the very key 950 area. If that happnens I would be willing to guess by then the Fed will have announced QE v2.0 by then.

by mdtrader
on Wed, 10/28/2009 - 13:28
#113166

200 DMA on the SPX is down at 916 and rising. I suspect it will receive a visit in the not too distant future.

by Anonymous
on Wed, 10/28/2009 - 13:34
#113169

Late day VWAP regression trades ain't working so well anymore.

Short finger-nails

by Anonymous
on Wed, 10/28/2009 - 14:09
#113225

The Bernanke put makes me feel warm and fuzzy with my GDX (even though I got hit real hard today)in the long term.

"Gold bubble" my ass

by time123
on Wed, 10/28/2009 - 15:02
#113271

Yes, the U.S. dollar is getting stronger because GDP numbers are expected to show the U.S. economy has started the recovery. I expect it to strenghten against the Euro and possibly move lower compared to BRIC currencies. 

It all has to do with interest rate differentials and relative economic growth.

time123

P.S. I get my timing signals at http://invetrics.com

by Anonymous
on Wed, 10/28/2009 - 18:36
#113532

Laughing so hard at the gold bulls now. Pure speculation as predicted.

by johngaltfla
on Wed, 10/28/2009 - 18:49
#113546

Interesting. The Aussie and Swiss Franc are being hit hard but the Ruskies are escaping the carnage. Go figure. Once we crack 78 there's going to be a lot of pain as this carry unwinds. A LOT of pain....

by Grand Supercycle
on Wed, 10/28/2009 - 20:48
#113626

 

USD Index daily chart bullish warnings continue.

USD monthly indicator remains bullish.

More:
http://www.zerohedge.com/forum/market-outlook-0

by cocoablini
on Wed, 10/28/2009 - 21:13
#113642

Dollar up-delevering is a BITCH, ain't it.

Remember, no matta' how much the FED prints, they can't make up for the loss of private credit which is 13x public. And public credit expansion=currency crisis, not hyper inflation. The dollar will not devalue by monetary base expansion, but by lack of faith. This is the only way folks. Let the monetary base settle and inflation can occur naturally. The FED is just creating unpayable debt-NOT MONEY

by Bear
on Thu, 10/29/2009 - 02:40
#113795

Beware the Harry Carry Trade

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