Last week we introduced Uncle Buck as an ‘internal’ and boy, did he not disappoint. USD dropped through the 94 area support and closed the week that way, despite a bounce on Friday. If the breakdown is not a whipsaw, our initial target is the 200 day moving average (currently 92.44) and the expectation would be for the global asset rally to continue. If it’s a head fake, it would likely be back to bearish for the global macro. As it stands now, USD is breaking down and markets are bouncing.
Let’s skip the charts and color code the internals again this week (blue: neutral, red: negative, green: positive)…
