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Here is another question and answer from a trader on Seeking Alpha.
CKachi May 14 at 4:54am
Hello Quick Question
I admire your will to teach others and your strong support for the precious metals, oil and your currency plays.
I noticed you have a support number you are sharing for UUP at $24.60 and I wanted to know your technicals, or psychology…simply your reasoning for this support level.
Your input would be greatly appreciated.
*Also one side note question. There is rumor or speculation I shall say of a rally of the Euro before it reaches parity with the dollar. That’s a prediction I’ve been hearing. What do you think about it?
What price point you think we can see this pull back for UUP… ~$27 maybe since that was last year’s peak?
jschulmansr May 14 at 10:01am
First Thank You for your kind words! For the $24.60 as support, what I did is take the low of the gap and subtracted 25 cents for my stop. My actual support level is $24.80 and then $24.50. The dollar could get to $27 especially if the Euro hits $120. (see next)
For the Euro, yes there will be a bear rally after we test the low at $124.88 which we are doing today. If it does not hold here then I’m looking for a bottom for this thrust somewhere between $120.00 to $122.50. The currency sharks are testing the will of the Eurozone to support the Euro. They will probably at $120 and then here will be a vicious short covering rally to I think around $130.
However with all of these trades be ready to turn on a dime so to speak if the market starts going against you. You have to be unemotional and realize that sometimes everything lines up for a market to go a certain direction and still go the opposite way.
Hope this helps and message me anytime!
Jeff aka jschulmansr
Seeking Alpha: http://seekingalpha.com/user/177987/profile
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Nothing in today’s post should be considered as an offer to buy or sell any securities or other investments; it is presented for informational purposes only. As a good investor, consult your Investment Advisor/s, Do Your Due Diligence, Read All Prospectus/s and related information carefully before you make any investing decisions and/or investments. – jschulmansr