Friday, August 19, 2005

Lost by TIC, Saved by Mr. BullBear?

The 'plot' for this week was somehow lost in the midst of significant economic data releases (i.e. Cap Flow and Philly Fed) which provide a fairly friendly market environment and hence a five day winning streak for the dollar. Is there a backup plan if positions deteriorate further next week since I am still dollar-bearish? What can be salvaged from current losing plot? Everything remains bleak until...

For a moment, Mr. BullBear - one of my favourite technical indicator - arrived this morning and managed to stir a short-live rebound on my positions. He went away soon after and the outlook, actually, hasn't changed much after all. At the end of the day, it is impossible to recoup this week hefty losses.

Strangely enough, I did warn myself before the start of the week about the Fibonacci technical resistance. Perhaps, I have really missed the bigger fundamental picture and only got myself to blame...

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