Is the US dollar doomed? 7/15/9
The US dollar was lower by 90 ticks today trading to it’s lowest level since 6/3. The story remains the dollar and yen move one way the other crosses move the opposite direction. We still like being long the Loonie. We may have reversed direction and may see higher ground in int’l currencies if dollar breaks below 79.00 in September. Crude is higher by almost 4% today, it appears the trend is now up. $59-60.50 is the buy zone in August, expect a trade up to the 50 day at $65.40 soon. Natural gas got hit by 4% today. For all you naysayers this is not a day trade we are building long positions for clients expecting to see 60 cents to $1 appreciation in the next 2 months. Talk to me in late September and then say we’re wrong. With the dollar lower and crude higher corn still could not maintain higher levels. We advised clients to exit at even or a small loss. We will most likely try longs again very soon…stay tuned. Gold was higher by $19 , silver higher by 42 cents. We’ve been using the recent setback to gain long exposure for clients. Have you taken advantage of the most recent set back? We have clients positioned long gold and silver currently in futures and options. Short squeeze in stocks may have legs, be very careful! Treasuries collapsed, read the weekly commentary from Monday that forecasted this. Short Euro-dollars, either via put or short futures. This trade could be monumental. If August lean hogs trade above 65.00 look for shorts to cover. Clients were stopped out of their short live cattle futures at a loss of $225/per futures today. We are out of oj, although prices were higher by an additional 5% today. On a 10 cent setback we will be buyers again for clients. Coffee gained 2 1/2 cents today, we suggest being long.
Tags: coffee, commodity, crude oil, euro-dollar, futures, gold, lean hogs, live cattle, MB Wealth, natural gas, options, orange juice, silver, treasuries, us dollar
