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Who Can Deflate Their Currency for Export Growth…nobody yet.

Since our last write-up just a couple of weeks ago, we mentioned that the focal point for the markets was to be activities surrounding the upcoming US fiscal cliff and that the US equity markets were at a pivot point.  The pivot point comment alluded to the fact that if the indexes could make any significant ground in either direction, a near term trend was likely to continue.

Well, here’s the update.  The focal point of the markets remains the upcoming US fiscal cliff with no noteworthy accomplishments in dealing with it to report.  As per the pivot point…well, it’s still intact.  The last couple of weeks of activity in the major US equity indexes have been short time ups and downs with no sustainable direction (and you wonder why we haven’t been writing every week).  We do see the opportunity for a short term up-trade if the S&P can add another 1% gain from its current level on a close.

The interesting new bit of information was the seeming attempt of the US to devalue the Greenback to gain export growth (where any type of growth would be nice) as officials stated that the US needed to get more aggressive on their export policy.  The result was a move down in the Greenback via the Euro to about 1.3100.  This was followed by Eurozone officials who mentioned having no problem with negative interest rates…and the result is the EURO back to about 1.30.  So that’s the excitement for now.

Excitement for the Doc and his team…..SANTA CLAUS…we believe !!


Stephan Kudyba (MBA, PhD)                      THE MARKET DOCTOR


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