Friday, November 2, 2012

Step Aside Apple Line, Here Comes The Gas Line: Photo Album Of A Nation Waiting, Waiting, Waiting

Perhaps the reason why AAPL is having its biggest daily tumble in recent history on the day it officially launched the iPad mini for retail sale, is because all the people who otherwise would be waiting in line in front of FAO Schwartz and inhaling the smell of fresh horse excrement, are doing all they can to obtain gas. Any  gas. Because iHeater, iShower and iFridge just lack that little "oomph" when dealing with people who are cold, smelly and hungry.

Friday Humor: The ECB Explains What A Ponzi Scheme Is; Awkward Silence Follows

From the ECB's Virtual Currency Schemes, aka the "Bash Bitcoin Boondoggle" (p. 27): "A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity." Considering that this elucidation comes from the very same entity that launched the SMP, LTRO, OMT, EFSF, ESM, oh, and of course, TARGET2, and whose head said to not short the EUR as there is "no risk" whatsoever in holding said currency, one would expect that this definition is absolutely spot on...

Stocks Slammed As Apple Tumbles: Yesterday's Rally In Tatters

What a roundtrip! After starting off November with a bang, and after nearly retracing all October losses in the aftermath of the NFP headfake in less than 2 trading sessions, the S&P futures literally imploded, and dropped 23 points from the intraday high, the same distance traveled as it crossed yesterday, only to the downside and on very strong volume for the second day in a row. While the 1400 support in ES is once again in play (ES closed literally on the lows of the session at 1405.5), as we suggested earlier, the far more ominous news is that the AAPL bubble appears to have popped (but, but, it is so cheap on forward multiple basis: guess what - forward multiples are based on forward earnings, which may very well never materialize! and thanks to the dividend, not even AAPL's cash hoard is the bastion it one was) and is now close to entering bear market territory, down just shy of 20% from its all time highs of $705.07 hit on September 12. Now with the 200 DMA taken out, the next support is the 20% retracement from the high which is at $564. After that it is freefall for a long time as a very deep gap needs filling. It is unclear just how much of the selling was there to cause max pain for Dick Bove and Rochdale, for whom every tick lower in the stock means a bigger margin call.Finally, news hitting literally seconds ago that MSFT may be launching its own phone if its partner strategy falters, means there go even more margins.

It's A Complete Farce

Dave in Denver at The Golden Truth - 6 hours ago
*Statistics are what the powers that be want you to believe them to be, nothing more and nothing less* - Kerry Lutz, founder of the FinancialSurvivalNetwork With regard to the quote above, Kerry Lutz had me as a segment guest on his FinancialSurvivalNetwork radio broadcast. The topic was fraudulent Government statistics and you can listen to it here: LINK I honestly don't know how Obama gets up in front of crowds today and claims that the economy is getting better and that jobs are being created. I find it exceedingly hard to believe that he doesn't know the truth about the B... more » 

And Dan Loeb's Biggest October Loser Is...

  When the hits just keep on coming:


Spot Where AAPL Snaps 200 DMA, Sending Stocks Sliding

Moments ago AAPL broke the 200 DMA. Whether or not this was due to the earlier news from Rochdale getting caught with its pants down, and supposedly losing tons of money due to a rogue trader "buying" the stock as its proceeded to tumble from its all time highs less then 45 days ago (during which time it has lost more than 10 years worth of dividends in market cap), is unclear. What is quite clear, is the moment when the general market realized what had just happened. Sure enough, the jobs number came and want, and ES largely faded that move in under an hour. It remains to be seen if a technical indicator for the world's most widely held stock is more important to the general stock market than how many 60 year old workers the US economy added in October. Oh, and as for that whole iPad mini launch spectacle? Sorry. Time for the iPad Mini Magnum launch... or maybe even the maxiPad.

Rochdale AAPLosion Update: It's All The "Rogue Trader's" Fault

Bloomberg has an update on the most amusing story of the day, namely that Rochdale appears to have blown daytrading Apple. And guess what: taking a cue from SocGen, UBS, and JPM, it's all a "rogue trader's" fault. Of course, if the trade had gone the "other way", Rochdale would not be needing a bailout, and the rogue trader would be looking forward to a generous holiday bonus.

  • Rochdale bought more Apple shares than the brokerage’s management intended around the time of the technology company’s Oct. 25 earnings report, two people familiar told Bloomberg’s Hugh Son, Saijel Kishan and Zeke Faux.
  • Rochdale officials told employees a rogue trader amassed the position, one of the people said.
We wonder how many more such "rogue traders" who dabbled in AAPL, and blew up after leveing the house in hopes to make their year on AAPL soaring into year end, will emerge before the next week is over...

Chart Of The Day: America's Geriatric Work F(a)rce

The traditional excuse apologists for America's collapsing labor force participation rate use every month is that due to "demographics" and retiring baby boomers, increasingly more old workers are no longer counted by the BLS and as a result, are skewing the labor force. That's where they leave it because digging into details is not really anyone's forte anymore. This would be great if it was true. It isn't. And nowhere is this more visible than in today's jobs report. On the surface, the US generated a whopping 413,000 jobs (after generating a massive 873,000 last month) according to the Household Survey in October. That's great, unfortunately breaking down this cumulative addition by age cohort confirms precisely what we have said: all the jobs are going to old workers, who have zero wage bargaining leverage (as they just want to have a day to day paycheck). To wit: when broken down by age group, the total October increase shows that of the new jobs, 10.7% went to those aged 16-19 (source), 11.6% went to those aged 20-24 (source), a tiny 9.8% went to the prime agr group: 25-54 (source), and a massive 67.8% went to America's baby boomers: those aged 55 and over (source), and who refuse to leave the workforce and make way for others.

Did Apple's Slide Just Blow Up Dick Bove's Employer?

And it was shaping up to be a slow news days. From Bloomberg:
By that logic, can one imagine the epic bailout Rochdale would need if Bank of America trades back to its rightful price well over 50% below current levels? Also, why is Rochdale trading on its own account? According to an unverified rumor, a Roch trader was supposed to be buying 125 shares every half hour, and instead bought 125,000. If correct, oops: that's a $74 million margin call. Finally, the question of the day: How many more funds will claim they bought AAPL due to an "error" and now need a bailout?

The Truth About Europe That No One Is Talking About

by Graham Summers, Gold Seek:

I realize that the situation in Europe can be very confusing. Aside from the fact that we’re dealing with over 20 different countries all with their own respective economies and debt issues, we also have the European Central Bank and the numerous bailouts and bailout funds (the LTRO 1 and 2, the EFSF, the ESM and now the OMT) to keep track of.
So for clarity’s sake, I’m going to explain Europe’s problems in simple terms.
The first thing you should know is that European banks, taken as a whole, have far more leverage than their US counterparts. According to the IMF, US banks are leveraged at 13 to 1.
European banks are leveraged at 26 to 1. Put another way, they have $26 in assets for every $1 in equity.
Read More @

The Truthseeker: Bribing Mr. Pre$ident [Pilot Episode]

from Russia Today:

RT presents its new show ‘The Truthseeker’. In this edition we investigate corruption at the top. We expose the Big Business memo making this US election “one of the most corrupt EVER”, look at how to rewrite the Constitution, and America’s Enemy #1 could be sponsoring Barack Obama. Seek Truth From Facts with Our Undemocratic Constitution author Prof. Sanford Levinson, former US election Regulator Michael Toner, investigative journalist Anthony Gucciardi, author of The Presidency and Political Trust Prof. Marc Hetherington and America’s most notorious lobbyist Jack Abramoff.

‘Fiscal cliff’ looms

by Chris Marcus, Gold Money:

Today’s US unemployment number and nonfarm payrolls could have an important impact on next Tuesday’s presidential poll. Economists are expecting gains of 125,000 in the payroll numbers, but are cautious about the unemployment rate following last month’s unexpectedly large drop from 8.1% to 7.8%: 7.9% is this month’s consensus estimate. Yesterday’s ISM manufacturing numbers came in slightly better than expected, as did the ADP employment report and jobless claims. Rising home prices are also lending some comfort to the bulls (chart courtesy of Business Insider).
Of course, eurozone woes continue to hang on markets like a bad odour, with reports that Greek stocks are heading for their biggest weekly loss in two-and-a-half years after the government released figures showing that it’s falling behind its deficit reduction targets. On top of this, a Greek court ruling holds that planned pension cuts may be “unconstitutional”. As a result the EURUSD has slipped back under $1.29, while the yield on the 10-year Greek government bond rose 40 basis points yesterday.
Read More @

Why Bankers Own the World’s Gold

from Silver Vigilante:

24/7 put together a convenient list of the world’s top nation-state gold holders, and what it represents is nation-by-nation list of how the world’s central bankers control the world’s gold, although the publication did not mention this. The report highlights how the International Monetary Fund is the official third-largest  holder of gold with 2,814 tonnes.  The European Central Bank comes in right behind India with 502.1 tonnes and 32.4% of its foreign reserves held in gold. Central banks, not nations, are buying gold in nations as diverse as Russia, Turkey, Ukraine and the Kyrgyz Republic.

The real conclusion that must be internalized is that, while buying precious metals and other tangible assets can be an excellent way of exiting the fiat currency paradigm, we mustn’t forget that central bankers own the world’s gold. They have been in a position to accumulate for centuries, and through  conniving and contrivance have ensured that their stashes are the biggest on the planet.
Read More @ Silver Vigilante

Food Stamp Growth 75X Greater than Job Creation

from The Weekly Standard:
With the latest jobs report, it is now the case that “Under Obama, Food Stamp Growth [Is] 75 Times Greater Than Job Creation,” according to statistics compiled by the Republican side of the Senate Budget Committee. “For Every Person Added to Jobs Rolls Since January 2009, 75 People Added To Food Stamp Rolls.”
Since January 2009, as the chart shows, a net of 194,000 new jobs have been created. During that same time, 14.7 million have been added to the food stamp rolls.
Read More @

Bank of England Reports Whitewash Central Bank Reality

from The Daily Bell:

BoE‘s ‘hierarchical’ culture attacked in reviews … The “centralised and hierarchical” governance structure of the Bank of England is damaging its effectiveness, according to three independent reports. Former investment banker Bill Winters questioned the “robustness” of internal BoE governance in his review. Its “vulnerable” forecasting processes also lack detail and have become “noticeably worse” since the onset of the financial crisis, the reviews said. But the central bank was praised for its “effective” actions at the height of the economic collapse. – UK Telegraph
Dominant Social Theme: Investigations into the BOE show it could have done better, but did well enough …
Free-Market Analysis: News comes of the release of no fewer than three separate probes into the Bank of England’s performance during the financial crisis that actually started in 2007 and expanded in 2008.
Read More @

Practical advice: Make an easy 25% on the dollar’s decline

by Simon Black, Sovereign Man :

For several decades now, the Hong Kong dollar has been ‘pegged’ to the US dollar at 7.80 plus/minus a very narrow band (7.75 to 7.85).
This means that the Hong Kong Monetary Authority has to mirror whatever the US Federal Reserve does. If Bernanke prints, Hong Kong has to print. And as you have probably noticed, Mr. Bernanke has done quite a bit of printing over the past few years. As such, interest rates in Hong Kong are practically zero.
Such monetary policy has been instrumental in driving Hong Kong’s property prices to the moon. It’s absurd– a small hovel in Hong Kong’s central district will easily set you back more than a million dollars.
Read More @

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Fabian Calvo – The Dollar Will Lose World Reserve Currency Status

from WallStForMainSt:

Chaos, panic, starvation unleashed in NJ / NY while Bloomberg, Red Cross ignore devastated victims

by Mike Adams, Natural News:
The post-superstorm situation continues to deteriorate in the Northeast, with words like “chaos” “panic” and “starvation” now becoming increasingly common. Victims are dumpster diving for food, having gone hungry for several days. Fuel remains in desperately short supply, and tensions are running high throughout the region.
“With patience running thin and tension running high in the fight for fuel after Superstorm Sandy, the scene at area gas stations has been chaotic,” reports CBS News. “The situation got so intense in Queens on Thursday, one man was charged with criminal possession of a weapon and menacing after he tried to cut a line at a gas station and pointed a pistol at another motorist who complained.”
Residents are currently waiting in line for six hours to get gasoline, and people are defecating in the hallways of residential buildings, as they have nowhere else to go. That shocking fact is revealing in this YouTube video.
Read More @

Standard Operating Procedure: Cartel to paper-raid and smash Gold and Silver on NFP release

by Jim Sinclair, JS Mineset:
Dear CIGAs,
For years it has been Standard Operating Procedure (SOP) for the Cartel to paper-raid and smash Gold and Silver on-and-around the NFP release the first Friday of the month.
Unsurprisingly* with only four days to go to the big election ‘beating expectations’ was the very transparent order of the day (never mind that the numbers will be quietly revised closer to reality later on, a ‘great’ headline number was obviously required today), even if the ‘longs’ had to take a beating.
If it ain’t broke… this SOP has worked so well for the Cartel they see no point in ‘fixing’ it. It will work, until it suddenly doesn’t. Only then will the ‘fixed’ game be fixed.
Today’s anticipated waterfall raid (a continuation of yesterday’s) is just the Cartel’s effort to trigger stop-losses and scare the Muppets. It has nothing to do with ground-truth or fundamentals.
Read More @ JS Mineset

Pierre Lassonde – Don’t Panic, This Is Normal Trading In Gold

from KingWorldNews:

With gold trading down roughly $40, today legendary Pierre Lassonde spoke with King World News about the recent action in gold and what investors should expect going forward. Lassonde is arguably the greatest company builder in the history of the mining sector. He is past President of Newmont Mining, past Chairman of the World Gold Council and current Chairman of Franco Nevada.
Lassonde is one of the wealthiest, most respected individuals in the resource world, and as always King World News would like to thank him for sharing his wisdom below with our global readers. Here is what Lassonde had to say about the action in the gold market: “We’ve been in a bull market for the past 10 years. It’s been absolutely exceptional. So these little movements like $30, $40, frankly, with gold near $1,700, you are talking about less than a 2% move. In the grand scheme of things these are very small moves.”
Pierre Lassonde continues @

Is A Central Bank Gold Run At Hand?

On learning that French gold was being held by the U.S. Federal Reserve, French President Charles de Gaulle is reported to have said, “I could hardly sleep easily with such an arrangement.” So in 1965 he ordered French navy ships to cross the Atlantic to pick up $150 million in gold held in the Fed’s New York vaults and deliver it to the Banque de France in Paris.
It was a prudent move by de Gaulle. And it was consistent with the advice I have long given: Do not leave your gold in the care of somebody else. Take physical possession of your gold.
De Gaulle realized the United States was running an international con. It had promised that holders of U.S. dollars would always be able to redeem them for gold at the official rate of $35 per ounce. But like someone writing bad checks, it was clear that the U.S. was printing more dollars than it could possibly redeem at that rate.
Read More @

Talk About Blurring the Lines: New Jersey to deploy military trucks to serve as polling places 

 New Jersey will deploy military trucks to serve as polling places on Election Day in storm-battered communities, the state secretary of the state announced Thursday during a visit to this flood-ravaged town. The state is also extending the deadline on mail-in ballots.

Department of Defense trucks will be parked at regular polling places that have lost power, as long as the sites are still accessible. Paper ballots will be used.
Republican Secretary of State and Lt. Gov. Kim Guadagno said voters will find “a DOD truck with a well-situated National Guardsman and a big sign saying, “Vote Here.”
Read More @

Germany to the Fed: We Demand to See Our Gold!

from Wealth Wire:
As previously report in Wealth Wire, the German federal auditors’ office has publicly criticized Bundesbank, its central bank, saying they should be more pro-active when it comes to taking control and responsibility for the county’s gold reserves stored in the United States, Britain, and France.
Now they’re encountering the same thing domestic politicians and citizens in the USA have faced for decades. The Fed is stonewalling the Germans and refusing to let them even see the gold they own.
Previous and repeated requests were only partially addressed. Bundesbank staff members were allowed to see the facility in 2007, but they reportedly only made it to the anteroom of the German reserves.
Read More @

Laughing At the Market Riggers… As Revolution Lurks

by Bix Weir, Road to Roota:
My advice for the past 5 years has been to “GET OUT OF THEIR SYSTEM” by closing out all your financial accounts and taking possession of physical silver. This includes everything from stocks to 401k’s to savings accounts. My reasoning was very simple..the markets are rigged and one day that rigging will end.
But today the rigging continues and is more blatant than ever. A nuclear bomb could go off in downtown Manhattan and the markets would barely budge. It’s because they are run off computer programs in the basement of the US Treasury and the Federal Reserve with the help of The Plunge Protection Team. There haven’t been free markets for decades but people are just starting to wake up to this fact. If silver were allowed to trade freely for the past 40 years it would be well over $1,000/oz today and looking VERY BULLISH! But the years of cumulative price manipulation have done their job and people wince as silver is rigged down on bullish news and allowed to slowly rise on no news. So be it. One day, very soon, the “Coiled Spring” of silver market rigging will unleash it’s fury…until then we WAIT on the SIDELINES with metal in hand. Read More…

192 Million Ounces of Paper Silver Dumped on Market in 10 Minutes On NFP Release!

from Silver Doctors:

According to NetDania’s volume (which approximates volume from 5 separate sources and is not an exact indicator of volume data) 38,400 contracts, or 191.99 million ounces of paper silver (nearly a quarter of annual global silver production!) were dumped on the market in only 10 minutes between 8:30 and 8:40am EST upon the release of the NFP data.
Screen shot of the paper dump (with 3rd wave of attack in progress) below:
Read More @ Silver Doctors

Chinese Financial System on the Brink of Collapse

by Ali Mohsin, Daily Press Dot:
Nouriel Roubini said some time ago that 30% of Chinese bank loans will become non-performing, which will shake the foundation of the banking system in China. Well, it seems that he knew what he was saying, unfortunately. According to a report by PriceWaterhouseCoopers cited by ZeroHedge, matured and overdue loans reached 489 billion yuan ($77.6 billion) at the end of the second quarter of this year.
At the end of 2011, these loans, likely to become overdue, was only 112.9 billion yuan ($17.8 billion), which means that in just six months, the amount of overdue loans increased by 333%. These loans can not yet be declared bad because the definition of bad loans takes into account credit and interest overdue for more than 90 days and/or where judicial proceedings have been initiated against the operation or the debtor.
Read More @

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Gasoline shortages in northeast U.S. highlights how quickly modern societies will unravel following disasters

from The Extinction Protocol:
NEW YORK – Widespread gas shortages stirred fears among residents and disrupted some rescue and emergency services on Thursday as the New York region struggled to return to a semblance of normalcy after being ravaged by Hurricane Sandy. Tiny increments of progress — some subway and bus lines were back in service — were overshadowed by new estimates of the storm’s financial cost, struggles to restore power, and by the discovery of more bodies in flooded communities.
The lines of cars waiting for gas at a Sunoco here ran in three directions: a mile-long line up the Garden State Parkway, a half-mile line along Vauxhall Road, and another, including a fleet of mail trucks that needed to refuel before resuming their rounds, snaking through a back entrance. The scene was being replayed across the state as drivers waited in lines that ran hundreds of vehicles deep, requiring state troopers and local police to protect against exploding tempers. “I’ve been pumping gas for 36 hours, I pumped 1,500 gallons,” said Abhishek Soni, the owner of an Exxon in Montclair, where disputes on the line Wednesday night had become so heated that Mr. Soni called the police and turned off the pumps for 45 minutes to restore calm. “My nose, my mouth is bleeding from the fumes. The fighting just makes it worse.”
Read More @

Acute Gold shortage grips Nepal

from Bullion Street:
Gold shortage gripped Himalayan nation Nepal as festive season demand picked up.
Gold demand in Nepal rose substantially since the onset of the festive season when Nepalis receive festive allowances and bonuses, among others.
However, bullion traders have stopped sales of gold bars and gold coins and concentrated solely on sales of gold ornaments after gold supply received from commercial banks started to fall short to meet the demand that has picked up.
Nepal Gold and Silver Dealers Association (Negosida) said they resorted to such measure particularly after daily demand for gold surged to 30 kg, which is twofold of the supply they receive from commercial banks.
Read More @

Only “lunatics” prepare for the worst?

by Bill Holter,
Hurricane Sandy has come and gone, CNBC and Wall Street for the most part are espousing how “bullish” it is that $ billions of damage was done because now it has to be rebuilt. Forget about the “destruction” part, let’s just look at all the future construction that needs to be done. How stupid is this train of thought? I feel for the people who have lost everything or have partial losses, as you may remember we lost our house and everything in it about a year ago, it was a nightmare to put it mildly.
I do want to mention that what we are watching now as far as gas lines, people “dumpster diving” for food, violence and “gun play” over necessary commodities is a little surprising to me. Maybe it shouldn’t be and maybe I should have expected it. This was a storm that was highly publicized for a full week prior to the first rain drop or gust of wind. NO ONE should have been surprised one bit and had plenty of time to prepare.
Read more @

How To Eliminate $4.5 Trillion of Debt

by Bruce Krasting, Bruce Krasting Blog:
Note: It’s dark north of NYC. Only those with generators have lights, heat and the ability to communicate. I counted 27 trees down on my property; the costs to make the damage right will be about $10k. Insurance will not pay a dime. I got off easy.
 You’ve seen the pictures by now, big trees hanging on downed wires. What you miss from the pictures is the scope of the devastation; it’s massive. Whatever your estimate for the cost of Sandy, and how long it will take to get back to “normal”, double or triple it. And it’s getting cold. Anyway, allow me a (lengthy) ramble on a somewhat bizarre idea that has been floating around.
Tear Up the Paper
Total global debt is around $200Tn. World GDP is less than $70Tn (300% global debt to global GDP). Advanced economies have a higher percent of total Debt/GDP than developing countries. So the crux of the problem lies with Japan, most of the EU and the USA.
Read More @

Without Electricity, New Yorkers on Food Stamps Can’t Pay for Food

by Jorge Rivas, Color Lines:

It’s been more than three days since power went out in many parts of New York City, including the Lower East Side where multi-story public housing complexes like the La Guardia Houses don’t have electricity, heat or water.
Many of the residents are also without food.
Many of the low-income residents receive cash and supplemental nutritional assistance from the state electronically through what the New York State Office of Temporary and Disability Assistance calls Electronic Benefit Cards (EBT.)
Recipients buying eligible foods are suppose to swipe their EBT cards like any other credit card for their purchases but since Hurricane Sandy hit, most Lower East Side stores don’t have electricity to run credit card transactions and are only accepting cash. Leaving many people on EBT with empty wallets, empty refrigerators and no access to food.
Read More @

Gold & Silver Rise as China’s Long-Term Demand Forecast to Keep Growing

by Adrian Ash, Gold Seek:
WHOLESALE PRICES to buy gold rose to 7-session highs in London on Thursday morning, touching $1726 per ounce even as new data showed US employment rising at its fastest pace since February.
The private-sector ADP payrolls report said the US added 158,000 jobs in October. Earlier data from the manufacturing sector in China, the world’s #2 gold consumer, showed its slowdown to be easing.
However, “Over 17% of survey respondents reported a fall in the volume of new export orders,” said the new Purchasing Managing Index report from HSBC/Markit Economics, “and just under 10% noted an increase.”
Two-thirds of Chinese businesses reporting quarterly results to the stock market have seen a sharp rise in unpaid bills according to the Financial Times.
The People’s Bank of China has this week pumped a record $60 billion-worth of liquidity into its domestic money market.
Read More @

DHS Takeover: Newly Released DHS Manual Reveals Advanced Surveillance and Tactical Network

by JG Vibes and Alex Thomas, The Intel Hub:

When the Department of Homeland Security was brought into existence the general population didn’t really know what to expect, they were never really told, and most of them didn’t care all that much to begin with.
The people who pointed out that this organization could be a threat to privacy and liberty were marginalized and ignored, and here we are, over a decade later, and homeland security has grown into one of the most powerful and complex intelligence agencies in the world.
Last month, Cryptome published a brochure that featured some commercial services that DHS offers to smaller government organizations as well private security and military firms.
Read More @ The Intel Hub

Get Ready For Big Moves In Gold, The US Dollar & The Euro

from KingWorldNews:
Today Tom Fitzpatrick spoke with King World News about what to expect going forward from gold, silver, the US dollar, and the euro. Fitzpatrick has been astonishingly accurate in forecasting the movements of both gold and silver. Now Fitzpzatrick lets KWN readers know what to expect from the currencies as well as the metals.
Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: “Focusing on the US dollar, and particularly the dollar index, we do feel the setup is very similar to what we saw during the April/May period of last year. We are testing this area which we believe is the pivotal level around the 80.15 area, which when we finally broke through it in May of this year gave us the next leg higher on the dollar index.
This lift in the dollar in May eventually moved the index above 84. So we have been approaching the pivot area, but so far we have not been able to decisively push through it. If and when we break through, that will open up the way for a push higher in the dollar again. It should then test the year high at 84.
Tom Fitzpatrick continues @

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