We all know how important education is for traders. The internet has offered a fantastic opportunity for traders everywhere to gain access to trading education.

One huge advantage is traders do not have to pay expenses to travel, airfare, hotels and meals. This translates into huge savings for both educators and educatees.

I am happy to be presenting a 3 day live online seminar December 8 - 10. I am also going to add one more bonus day in January as a follow up for those who take the time to study the materials and want to ask questions.

To find more information and to sign up for this educational event follow this link http://www.tradingliveonline.com/seminar

You can also find information at www.tradingliveonline.com

Today news came out that Dubai may delay debt payments and that has sent the futures markets in a tumble. There is a large ‘Money Box’ pattern on the SP 500. This is a rectange pattern, coil, and the market will breakout of this in one direction or the other, see chart. All the indexes either broke November lows or are very close to taking these out. SP has not been able to trade above the recent highs and as you can see on the chart completed the ab=cd sell pattern. The ‘Money Box’ Pattern is contained between the upper and lower bands.

For anyone coming to the Las Vegas Traders Show, come by my presentations: Friday November 20 8 am - 9 am, I will cover the basics of the AB=CD Trading Pattern.

Saturday November 21 1:15 - 2:15 pm I will be giving a presentation for the Chicago Mercantile on the Butterfly Reversal Pattern. Hope to see you there!

In Tokyo on Wednesday  Secretary of the Treasury Tim Geithner once again vigoroulsy stressed the need for a strong Us dollar. Where have i heard this before? I feel these meaningless (and completely ineffective) comments need to be in those Saturday Night live skits with Amy Proehler. You know the skits where Ms Proehler rants against a recent  inane situation by repeatedly asking “really?” while dripping sarcasm.     The US dollar has gone straight down since early 2002 inspite of constant lip service by both the current administration and the previous one.  The daily chart of the dollar has shown many ABCD buy set ups in recent weeks but none have triggered more than a slight bounce in the market. The current down trending parallel channel remains firmly in tact. Until the market breaks out of this channel it’s difficult to to call a bottom.

In fact,   bear trends as emotional as this slide in the Dollar often need a dramatic capitulation before a bottom is found. While the sell off has been pervasive it has been orderly.  So at this point i can’t say that i’ve witnessed the emotions i expect to see at the lows. By stepping back and looking at the bigger picture we see that while a break below the 2008 lows will be a headline event…there is strong monthly support just below those lows. A 1.27 extension of the up swing from 1994 to 2002 comes in at approximately 68.00 as does a more recent ABCD buy pattern. If the wheels come off the dollar and this slide morphs into an avalanche….keep an eye on that level for technical signs of a reversal.

Kevin Riordan

The Dow Index has been trading above the October highs today. The SP 500 has been in creeper trend mode up off the open today. There is resistance at the 1087 - 189 area in the SP. Watch and see how the SP 500 closes today and watch the big round 1100 number