Monday Post Market Close July 25, 2011
The Dollar
Today was a particularly unsettling day for Dollar bulls, the last two days have been below the recent uptrend line. And the buck closed at the lower end of the trading range, which is no doubt what Bernanke wants but is not a good thing for the US. MACD at bottom is also curling over.
NYSE New Lows
The number of new Lows on the NYSE is giving rise to a higher moving average.
This is an indication of increasing market weakness. So coupled with the weak dollar, lowered confidence in the US world wide, the market internals continue to weaken.
In the bond market TLT pulled back to its 200 day Moving Average.
Thought for the Day
Why does the formerly richest nation in the world owe anyone any money? Why can't the revenues from all manner of taxes be sufficient to deliver the mail and protect the country? They should be but Congress attempts to buy votes from all parties for every manner of idea. Indeed, why is the US in debt? The answer is that there are no Trust Funds, only IOUs. Congress has spent us into trillions of dollars of debt.
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