Greetings from New York City. Our panel discussion last night went very well. I have just a few brief things to discuss. The Dow broke support on Friday and it is testing the low of the old bear market from 2002. It has broken a very long-term trend channel line and if it can be a throw under spike of the trend channel ,it must rebound sharply by the middle of the week. Mostly, this condition is dependent on the U.S. dollar, which currently is testing the trendline from the November high through the January high that it just punctured a week ago. It has stiff resistance and this period is all about the 38% retracement of the entire bear market for the U.S. dollar. If you don’t know anything else, watch the dollar this week and you’ll get the whole story.
I’m on the road and my normal schedule will resume when I get home. I’ll be back in the saddle on Wednesday. Everything is discounted at the Lucas Wave International web site (newsletters and coaching programs) until I get back. My regular column will resume next week.
