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Currencies

July 13, 2009. Since March 23, 2001, we have been holding goldgrams as our Core Currency Position.

On May 4th traders sold the US dollar by shorting the Dollar Index at 83.97. Stop out this trade if the Index closes above 81.30.

Beginning in April, the dollar fell pretty much in a straight line into early June. Since then the US Dollar Index has moved sideways on either side of 80, and it has clearly demonstrated an inability to rally, which is a sure sign of underlying weakness. It is also a good indication that the next major move for the dollar in all likelihood will be down.

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