It is a year ago tomorrow since the big slide in the dollar was triggered. While most of us were busy digesting a fantastic meal and could hardly move while being overstuffed the market was moving without us. A creepy thought just occurred that we were being fattened up for the kill. Tomorrow being the anniversary should be very interesting, expect lots of Yankees to be exiting the market today for fear of being on the wrong side of a big move in tomorrow. This means exiting dollar short positions. Only the truly addicted and truly greedy will be trading tomorrow in the U.S., so don’t be surprised to see some bank traders in there. Although in reality it will probably be a trading robot pulling the trigger for them. The way things are going it looks like the dollar will be getting slaughtered right along with the turkeys tomorrow. Although the Dollar may not have recovered its losses form a year ago tomorrow the Yen has and it seems fitting that a year to the day that the GBP/JPY would be at the exact same price it was then. The big question is whether this holiday season will be the catalyst of the next big dollar decline or if the greenback will find a backbone. Maybe you should use your wishbone tomorrow and depending on if you are a dollar bull or bear make a wish and see what happens. Perhaps we will see the dollar begin a large recovery a year to the day from it’s collapse, if this cycle is truly complete. A quaint Idea but fundumentally nothing has changed to warrent such a reversal. Perhaps next year if Ron Paul is elected and he reinstitutes the gold standard on turkey day we will see the cycle complete itself. Happy Thanksgiving everyone.
