A quote posted in the chat room was attributed to William Poole, former head of the St. Louis branch of the Federal Reserve: “The Fed is sending a message that it will print money to an unlimited extent until it starts to see the economy expanding.” The person who posted this item noted that Gold did not seem to be discounting a dollar blowout as fearfully as we might have expected. I agree. In any case, based on the technical criteria laid out here last week, we can be fairly certain the dollar short-squeeze begun in July is now as dead as Kelso’s nuts. As you will note in the accompanying chart, the bearish impulse leg on the daily chart has surpassed one internal low and three externals, so far without a retracement. That suggests real power, but it will still take an additional plunge to at least 75.88 to create a bearish impulse leg of weekly-chart degree. We’ll need to see a decent rally on the hourly chart before we start to refine the outlook for the intermediate term, but for now, let it suffice to note that downside targets on the lesser charts have been getting pulped, routinely and effortlessly.