Saturday, March 05, 2005


Dollar Hits A Fireplug

The folks over at Elliott Wave International have got to be feeling pretty good today. Weeks ago they predicted the Dow would better its December high, and Friday it did so.

The US dollar wasn't so fortunate. Versus the Japanese currency it saw a drop of a full Yen before getting a little back by the end of the day. That move erased several days of advance by the greenback. The Swiss Franc, reflecting its gold bias, performed similar to the Yen without giving any back.

Gold took off from the open of trading in New York, up more than 5 bucks before settling down at $433.60 on the spot market. Silver ran up 15 cents.

The Volatility Index continues to be, well, volatile. Friday it lost 7.66% and closed at its low for the day. It appears traders can't make up their mind on the index, so we can expect more of the same.

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