Tuesday, August 3, 2010

Euro-Mysticism: Fibonacci analysis alert

In yesterday's "Climateer Line of the Day: Staff of Life Edition" we mentioned the Fibo crowd:
...I asked nicely, on Friday and again today, "What about wheat?" the response?:

...In addition, the index has topped the 61.8% Fibonacci retracement of the decline from the April 26 high of 11258 to the July 2 low of 9614, which comes in at 10630. Fibonacci followers believe that as long as a rebound remains below the 61.8% retracement level, the previous downtrend remains intact...
I've nothing against Leonardo da Pisa, and some of his followers can hold their own, but come on, wheat just ran 67% in seven weeks!
(we caught around 40 of those percentage points) 
Here's FT Alphaville on Fibo and the euro:
Fibonacci analysis alert — the euro punched through $1.3125 on Monday:

The faithful have apparently been waiting for this level to be reached, according to Bloomberg BusinessWeek. It’s, err, the magic Fibonacci 38.2 per cent retracement from a recent trough against the dollar in June to a previous peak in November — presaging a leap towards $1.50.
Uh-huh. That, and our ornithomantic* sources also tell us that an eagle has appeared thrice over the European Central Bank with a dead dove in its talons....MUCH MORE on the Euro
*"The Royal Tit-Watching (Ornithological) Society of Britain" used to have the domain name www.nice-tits.org.
Here's the Wayback Machine's cache.
Here's the Society's facebook page with the history of the orginization.
The current site at nice-tits.org is NSFW (or home or...)