-353.7 our futs are holding 800 like a stone wall.
Asian destruction.
- Thread starter praetorian2
- Start date
Add to the mix that Commerzbank - the 3rd largest German bank (and German banks are big by our standards), is reportedly in trouble with bad loan problems.
PS. a run on the dollar has been hotly debated lately among the chattering classes, with a further 20-25% decline expected (see current Barron's and Business Week). Remember the 87 crash and the then Treasury Secretary James Baker stance with the Germans on the dollar/Deutche Mark? He made it clear over the week-end preceding Black Monday that the US no longer would support a strong dollar. Right now our current account deficit and the prospect of war make the dollar very vulnerable to a sharp correction. 87 redux?
PS. a run on the dollar has been hotly debated lately among the chattering classes, with a further 20-25% decline expected (see current Barron's and Business Week). Remember the 87 crash and the then Treasury Secretary James Baker stance with the Germans on the dollar/Deutche Mark? He made it clear over the week-end preceding Black Monday that the US no longer would support a strong dollar. Right now our current account deficit and the prospect of war make the dollar very vulnerable to a sharp correction. 87 redux?
The USD has been weak dince May against the EUR, CHF, GBP, but over the past few weeks it has strengthened against the JPY. Today it broke out of a nice tight 4 day range of about 122.20 to 123.40, and rose to 123.80 very quickly. I bought the breakout and decided to take the quick profit. There remains a bit of overhead up to 124.20 or so.