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February 18, 2010

The Jockeying Continues

The most important news of the day came after the market closed: the Federal Reserve decided to hike the discount rate by 25bp. I doubt the news will have more than a fleeting effect on stocks and gold price (more on that below), but it may have implications on our dollar cycle readings. In a recent post I postulated that the next daily cycle in the dollar could be ...

 

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