Friday, August 17, 2012

Is there a problem, mate?

It seems that nothing can stop SPX slow grind higher. So I am not sure the observation I am about to present will matter that much. Nonetheless, Australian dollar stopped confirming new highs on SPX. You can clearly see (on the chart below) that since the beginning of June the two were climbing higher together, until the separation occurred this week. I have no idea what exactly is going on in the land of kangaroos, but a repeat of March could be in order, when AUD revolt gave us a hint for SPX sell-off.

click on chart to enlarge

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