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Aug. 15 (Bloomberg) -- Gold plunged below $800 an ounce, heading for the biggest weekly slide in more than 25 years, and oil, wheat and sugar slumped as the dollar's rebound reduced the appeal of commodities after a six-year boom.
Attached is the daily chart of US dollar index.
The US dollar has staged a rally for 11 trading sessions in a row. This rally is the major force that moves the market recently. US dollar is over bought at least for the short term now.
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Day DeMark: DeMark On Day Trading Options
A great book in trading options. Do not miss this book even though you do not day trade.
-MJ
A. J. Frost: Elliott Wave Principle: Key To Market Behavior
A must read in the school of "technical analysis".
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Steve Nison: Japanese Candlestick Charting Techniques, Second Edition
The Japanese wine makers applied their "technical analysis" several hundreds years ago to predict the price of rice.
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Benjamin Graham: The Intelligent Investor Rev Ed. (Collins Business Essentials)
"By far the best book on investing ever written."
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Jeremy J. Siegel: The Future for Investors: Why the Tried and the True Triumph Over the Bold and the New
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In the linked article entitled 'Investment Strategies for 'Peak Dollar', I write that last week was a parabolic rise in the US Dollar and outside of the Russell 2000, the financial sector, the consumer discretionary, home building a few other consumer sectors, the stock market really wasn't benefited. And I wrote of many technical factors why the Dollar Rally is over.
The USD/JPY tonight is turning down; and this is likely to cause EUR/JPY and the world markets to rise.
With higher commodity currencies, gold is going to rise.
I recommend that one go long SKF and DGP, And I recommend that one go short FXP, and EEV and XHB.
I also recommend that one invest invest in gold at BullionVault.com and GoldMoney.com
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