US$ got hammered today as predicted. I'm up 16% on this short USD/CAD trade since a few days when I wrote about it. I think it will only get worse from here and I will continue to add to my position as I see things in the US deteriorate even more. GBP's credit got downgraded from AAA status and the US status could be next in line.
Currently, I'm neutral on the US markets and pretty bullish on the TSX as commodities lead this rally higher with the drop in the US$. Gold is starting to shine but still trading in a range, I think its heading higher as US$ devalues, but it has always found resistance at $1000 so we will see if it can push above that level.
The tech names that I have been trading have bounced really well from the lows and are pulling back to their upward trendline so they are still worth holding at this time, however I am thinking of rotating from tech to commodites and picking up some more commodity related names as I think this sector will lead the markets higher. I'm bullish on potash/agriculture, uranium, metals and Oil right now. I will look for some quality names in this space over the weekend, so stay tuned.
Until then, have a great weekend and get rid of all your US$. It looks like trips to Vegas are getting cheaper by the minute!!
Currently, I'm neutral on the US markets and pretty bullish on the TSX as commodities lead this rally higher with the drop in the US$. Gold is starting to shine but still trading in a range, I think its heading higher as US$ devalues, but it has always found resistance at $1000 so we will see if it can push above that level.
The tech names that I have been trading have bounced really well from the lows and are pulling back to their upward trendline so they are still worth holding at this time, however I am thinking of rotating from tech to commodites and picking up some more commodity related names as I think this sector will lead the markets higher. I'm bullish on potash/agriculture, uranium, metals and Oil right now. I will look for some quality names in this space over the weekend, so stay tuned.
Until then, have a great weekend and get rid of all your US$. It looks like trips to Vegas are getting cheaper by the minute!!
Comments