Weekly Raid #40 - DXY Out
Happy Monday Traders
First I would like to remind everyone that today is 9/11. Remember to take a moment of silence/prayer today for all the lives lost. Life is a gift that sadly not everyone gets to keep.
News of the day
News today is limited.
There are some short dated bond auctions between 11:30 and 1 Eastern Time today. But that is really the only scheduled thing on deck today.
The higher level items on the day are a little more exciting.
It has been announced that Kim Jong Un will meet with the Kremlin to discuss, presumably, arms sales and commodities.
This has some larger implications for the region and the geopolitical landscape as a whole. As the war in Ukraine continues the Russians have began negotiations with other countries that view the US as a potential enemy.
This arguably came to head when the new BRICS currency was announced to be in the works a few weeks ago. Whether that comes to fruition or not will remain to be seen, buy either way it still could be an issue.
On the flip side, the USD still has an incredibly high lead on global currency usage, so it something like that does come to pass it will take a herculean effort to overthrow the dollar. That does not mean we should be complacent with it, just that more than likely you would see that coming from a long way off.
It was a busy weekend here so unfortunately I did not get to look through as many charts as I would have liked. I do have a few I am watching this morning.
SHOP if first up today. It is back into the CAP it head from the end of August. I would look to see if we close that gap back to VAH on the year and then look for a potential long.
ZM is next. With all the talk of Covid coming back I am keeping an eye on this for a potential breakout play over the 74’s.
DKNG is last today. With the NFL season starting this past weekend, I would look for DraftKings to get a boost and gambling is becoming legal in more and more states. I would look for it to pop the highs for a quick trade.
As always trade well and Good Luck