Smoking Securities

Half Baked High Finance

The Dollar Collapse

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Booooyaaaaahhhh! I think I’m gonna quit trading equities and move into Forex (just a thought)… Sometime last week I moved everything into Yen. This has turned out to be a nothing short of perfect as the dollar fell to new lows Sunday evening. I sold my Yen as it regained strength, but then quickly jumped into Francs the as the dollar lost a few percent in a couple of minutes. Now, I’m back into dollars, hoping for more dollar strength so I can buy yen/franc a lil cheaper. I think there has been a bit of a panic (quite rational), and that a near term bottom has formed for the dollar (till Tuesday). I’m pretty sure the equity markets will do the same… high volume sell off, and then a slow steady recovery throughout the day. I keeping a close eye on FXI, looking for some good old fashioned panic, and a nice entry in the low 120’s. I’m sure gold and oil will be ballistic tomorrow, but energy and precious metals seem badly in need of a correction, so I’m not exactly jumping all in.

Written by chucklesamadeus

March 17, 2008 at 7:36 am

Posted in Uncategorized

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