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The U.S. dollar could drop below 84 yen, according to Gaitame.com Research Institute. Gaitame uses a technical tool called the Bollinger Band, named after its founder John Bollinger. Bollinger bands predict 95% of a security's movement using moving averages and standard deviations. The bands show the dollar bouncing off the lower band six times in the past four weeks. This suggests a strong downward trend.Traders are watching the 84.50 yen level. If it is broken, the next stop is the 84.00 yen level. The dollar has not breached the 84.00 level since 1995. If the dollar breaches the 84.00 yen level, the next stop is 83.00.
Technical traders use these key points in their trading. Just a few weeks ago, technical traders were forecasting parity for the euro and dollar. Then too many people believed the rumors and went short. That was the perfect time for a short squeeze. The euro shot up from about the $1.18 level to the $1.30 mark.
One of the flaws of technical trading is that everyone is looking at the same data. Traders who read charts follow the signals. The one thing to be wary of are the big players who, just for fun, love to squeeze the technical guys. This same move happened in the stock market when a group of longs drove the market up to its present level. They have been squeezing the shorts for several weeks now. This happens frequently when the market doesn't have a clear trend up or down. Unless you are nimble, you could get chopped up pretty badly and lose piles of money.
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Reader Comments (Page 1 of 1)
8-12-2010 @ 9:52AM
Scott said...
The dollar will crash and so be it. Lets get rid of it cause I for one am tired of seeing those Illuminati symbols on the back of the dollar bill.
8-12-2010 @ 12:13PM
BP said...
Just get rid of the dollar and change our currency to welfare checks and food stamps with BO's picture on them.
8-12-2010 @ 12:47PM
Terri said...
First Lady Michelle Obama's Servant List and Pay Scale
First Lady Requires More Than Twenty Attendants
1. $172,2000 - Sher, Susan (Chief Of Staff)
2. $140,000 - Frye, Jocelyn C. (Deputy Assistant to the President and Director of Policy And Projects For The First Lady)
3. $113,000 - Rogers, Desiree G. (Special Assistant to the President and White House Social Secretary)
4. $102,000 - Johnston, Camille Y. (Special Assistant to the President and Director of Communications for the First Lady)
5. $100,000 - Winter, Melissa E. (Special Assistant to the President and Deputy Chief Of Staff to the First Lady)
6. $90,000 - Medina , David S. (Deputy Chief Of Staff to the First Lady)
7. $84,000 - Lelyveld, Catherine M. (Director and Press Secretary to the First Lady)
8. $75,000 - Starkey, Frances M. (Director of Scheduling and Advance for the First Lady)
9. $70,000 - Sanders, Trooper (Deputy Director of Policy and Projects for the First Lady)
10. $65,000 - Burnough, Erinn J. (Deputy Director and Deputy Social Secretary)
11. $64,000 - Reinstein, Joseph B. (Deputy Director and Deputy Social Secretary)
12. $62,000 - Goodman, Jennifer R. (Deputy Director of Scheduling and Events Coordinator For The First Lady)
13. $60,000 - Fitts, Alan O. (Deputy Director of Advance and Trip Director for the First Lady)
14. $57,500 - Lewis, Dana M. (Special Assistant and Personal Aide to the First Lady)
15. $52,500 - Mustaphi, Semonti M. (Associate Director and Deputy Press Secretary to The First Lady)
16. $50,000 - Jarvis, Kristen E. (Special=2 0Assistant for Scheduling and Traveling Aide to The First Lady)
17. $45,000 - Lechtenberg, Tyler A. (Associate Director of Correspondence For The First Lady)
18. $43,000 - Tubman, Samantha (Deputy Associate Director, Social Office)
19. $40,000 - Boswell, Joseph J. (Executive Assistant to the Chief Of Staff to the First Lady)
20. $36,000 - Armbruster, Sally M. (Staff Assistant to the Social Secretary)
21. $35,000 - Bookey, Natalie (Staff Assistant)
22. $35,000 - Jackson, Deilia A. (Deputy Associate Director of Correspondence for the First Lady)
(This is community organizing at it's finest.)
There has NEVER been anyone in the White House at any time who has created such an army of staffers whose sole duties are the facilitation of the First Lady's social life. One wonders why she needs so much help,at taxpayer expense, when even Hillary, only had three; Jackie Kennedy one; Laura Bush one; and prior to Mamie Eisenhower social help came from the President's own pocket.
Note: This does not include makeup artist Ingrid Grimes-Miles, 49, and "First Hairstylist" Johnny Wright, 31, both of whom traveled aboard Air Force One to Europe .
FRIENDS.....THESE SALARIES ADD UP TO SIX MILLION, THREE HUNDRED SIXTY FOUR THOUSAND DOLLARS ($6,364,000) FOR THE 4 YEARS OF OFFICE????? AND WE ARE IN A RECESSION????? WELL....MOST OF US ARE. I GUESS IT'S OK TO SPEND WILDLY WHEN IT'S NOT YOUR OWN MONEY?????