Tuesday, August 11, 2009

Pretcher calls major low in the US$

Dollar has made a major low

With all the optimism floating around its taken Robert Pretcher to deflate me - quite literally. The feed seems a bit clunky on the first video so only listened to the second but a must read for anyone who dares to call themselves a bear - this is bearish with bells on every tooth and claw ! Not sure if that image works but still listen and you will be chilled. Some decent sounding advice too.

Posted by bellwether @ 11:05 PM (830 views)
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5 thoughts on “Pretcher calls major low in the US$

  • Yes really bearish. In his other communications to EWI subscribers he says you need to be careful about getting out in time when the next down wave hits. The next liquidity crunch will be so severe that brokers will be over-whelmed and there will be chaos. For me this probably means bailing out of my short positions near the March low, rather than wait for stocks to fall even further. I have memories of my ETFs being frozen last year when AIG went broke. Fortunately the american taxpayer bailed me out. Next time I won’t count on being so lucky, and will try get my cash out early.

    One scenario he imagined was the calls by Ron Paul et al to audit the Fed would mean the Fed can’t step in so effectively next time.
    So he is emphasising safety, cash or short term gov bonds, safe banks (if there are any?).

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  • Kind of surprised no comments on this, as the call, if correct, is very significant for anyone with savings.

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  • Sorry apart from your comment MG. Over the past month of so I’ve switched about 30% of savings into dollar. It’s odd though how that feels like a specualtive thing to do and sitting in sterling doesn’t. Must be a form of conditioning I guess.

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  • mountain goat says:

    BW – yes I remember you mentioning buying dollars last week too. The FT & FT Alphaville has some comment on it today (possible dollar turning point) but the reasons given all seemed pretty muddled to me, unlike Prechter who seems very clear.

    I personally think it is very significant indeed, and made various changes to my savings as I have mentioned. Strange how the most spend-thrift government in the world is still considered to have the most safe currency. For me the argument is that what is worthless is all the debt IOU’s but the dollar notes are not worthless because they are backed by the strongest military, and most integrated and wealthy advanced economy in the world. In a crisis the IOU’s will default but not the dollar.

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  • c'mon correction says:

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