Wednesday, April 8, 2009

I think this is really suggestive of a down market

An undisputable fact, at least for now, is that the Dollar and the Yen are both considered safe havens to deposit money when traders don't want to be in equities.

Now, as I said in the last post, one of my reasons for thinking the equity markets look weak in the near term is because of the UP triangle that was issued for the UUP Dollar ETF. For a while now, the Greeny seems to trade opposite the equities.

Well ironically, we were just issued a new up triangle on the CURRENCYSHRS JAPAN ETF (PACF:FXY). So now we have two "safe haven" ETF's issued up triangles just today. Does that mean anything for stocks? I will trade accordingly.

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