stock option trading | online option trading experiences

S & P downgraded 9 Euro-Zone Countries

2012-01-15T01:55:00.000-08:00

Dear fellow investors,

Over 13 Jan 2012, Standard & Poor's, U.S.-based ratings agency, downgraded the credit ratings of 9 euro- zone countries. These 9 euro zone countries include Italy, Spain, Portugal, Cyprus, France, Malta, Slovakia, Slovenia and Austria They were stripped of their AAA status either by 1 notch or 2. But Germany is spared from this credit ratings cut.

The agency cited the reasons that the European community had not adequately "address ongoing systemic stresses in the eurozone" - which encompass issues like the tightened credit conditions, rising risks premium, weakened economy growth etc.

The ratings agency mentioned that austerity and budget discipline adopted by the euro zone are insufficient to handle the debt crisis.

But French Finance Minister Francois Baroin said there was no cause for alarm and assured that "This is not a catastrophe. But it's not good news,"

In addition, the fate still hangs in the air for Greece, as Greek negotiators said that debt swap by private creditors remained unresolved. Negotiators were less optimistic and raised doubts over the take-up rate of any voluntary deal.

In Dec 2011, The European Central Bank infuse the banks with cheaper 3 year liquidity that helped ease a worsening credit crunch. This provided funds for the market to buy sovereign bonds.

Chairman of the S & P ratings agency said that preserving the AAA status of France would require the increased commitments from the 4 remaining AAA-rated guarantors, namely Germany, Finland and the Netherlands. But this move could be politically unpopular.

The following video explains the meaning of "Austerity Measures" :

Regards,

Tony Chai

How To Trade Gold and Oil Commodities Now

2011-10-20T19:05:00.001-07:00

Dear fellow traders,

Regards,

Tony Chai

Gold to Drop to $1,300 an Ounce and Commodities to Fall?

2011-10-12T22:02:00.000-07:00

Dear fellow investors,

Regards,

Tony Chai

Steve Jobs Has Stepped Down As CEO Of Apple, Inc

2011-08-26T01:31:00.000-07:00

Dear fellow traders,

*** RIP, Mr Steve Jobs ***

Performed on Ipad using MorphWiz along with the Korg Kronos.

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On 25 Aug 2011, Mr Steve Jobs announced his resignation as Co-Founder & CEO of Apple, Inc. - now the most richest company in the US which currently has more money than the U.S. government.

He will remain with the company as chairman. Tim Cook is promoted from chief operating officer to chief executive officer.

Yours Truly,

Tony Chai

Dow plunges points, touted as the 6th-biggest point loss

2011-08-08T18:31:00.000-07:00

Dear fellow traders,

On Monday, 8 Aug 2011, the Dow Jones industrials plunged 634 points (more than 5%) to10,809.85 amidst it's recent debt ratings downgrade by S&P Ratings Agency and the escalating European debt turmoils, now threatening even Italy & Spain. The Asia markets were not spared. Earlier on, the Korea stock market fell 4% while the Japanese market lost 2%. In Europe, Germany's shares market lost 5% and France suffered a 4% drop respectively.

On Monday, the S&P also downgraded the credit ratings of Fannie Mae, Freddie Mac and other government agencies that depend on the creditworthiness of the US federal government.

The S&P 500 fell 79.92 points (6.7%) to 1,119.46 while the technology-laden Nasdaq composite index fell 174.72 points (6.9%) to 2,357.69.

Investors sought refuge in Gold, which has topped US$1,713.20 per ounce. Crude oil, natural gas and other commodities fell sharply on worries that a weaker global economy will mean less demand. Oil fell 6.4% to US$81.31 per barrel, its lowest price for 2011.

Yours Truly,

Tony Chai

Dow plunges 500 points on 4 Aug 2011

2011-08-08T02:54:00.000-07:00

Dear fellow traders,

The credit rating agency Standard & Poor has lowered U.S. long-term debt rating one notch from AAA to AA+ on 5 Aug, 2011. But S&P has been pointed out of a $2 trillion error in its estimate of the size of the deficits over the next decade. It was said that the agency made a fundamental error in interpreting the budget projections of the Congressional Budget Office.

The plan that the Congress had passed on the 11th hour to raise the debt ceiling on Tuesday, 2 Aug 2011 could achieve between $2.1 trillion and $2.4 trillion in deficit cuts. But the S&P had warned for months of a possible downgrade and said that a credible plan would need to achieve $4 trillion in deficit reduction.

The Dow has already plunged more than 500 points on 4 Aug, 2011 amid fears of USA economic slowdown and Europe's debt crisis. European officials are trying to help Italy, the world's eighth-largest economy, to avert the kind of bailouts that Greece, Portugal and Spain were forced to accept to prevent them from defaulting on their debt.

Yours Truly,

Tony Chai

President Obama on the Status of Debt Ceiling Negotiations

2011-07-29T18:47:00.001-07:00

What the Debt Ceiling Means For You And Me

2011-07-21T08:09:00.000-07:00

Dear fellow traders,

So, will USA default when the USD14.1 trillion debt ceiling dateline reaches 2 Aug, 2011?

Yours Truly,

Tony Chai

Market News - 19 July 2011

2011-07-20T16:43:00.000-07:00

Dear fellow traders,

The US stock market experienced one of their best days of the year on Tuesday, 19 July 2011.

The Dow Jones Industrial Average had its biggest one-day gain in 2011. The index rose about 202 points, or up 1.6%, to close at 12,587.42. The corresponding S & P 500 index rose 21.29 points, or 1.6%, to close at 1,326.73, its best day since 3 March 2011. The Nasdaq was up almost 62 points, or 2.2%, to close at 2,826.52.

The market was buoyed by good quarterly earnings results from US companies like Coca-Cola, IBM, Intuitive Surgical and Apple Inc.

News that US politicians were making some progress towards a plan to reduce the deficit and raise the $14.3 trillion debt limit to avoid a default also offered some boost to the market. However, investors were also keeping an eye on Europe’s debt crisis ahead of a meeting of the European Union leaders in Brussels to discuss a 2nd financial bailout plan for Greece.

Yours Truly,

Tony Chai

USA Debt Ceiling - Dateline 2 Aug 2011

2011-07-18T16:41:00.000-07:00

Dear friends,

Much have been talked about the USA Debt Ceiling and its potential impact on the USA and Global Economy as we reach the debt ceiling dateline on 2 Aug 2011. So what is this USA debt ceiling that the market & investors are talking about? I hope this video will help you :

Yours Truly,

Tony Chai

Fail to plan and you plan to fail

2011-04-22T23:37:00.000-07:00

Dear fellow traders,

Going into anything blind is a formula build for failure. This is especially so when you go into the stock market. There's an old saying that goes; "Fail to plan and you plan to fail." Simple words to live by. But a lot of people have ignored them and have consequently lost thousands of dollars to the vagaries of the market.

If you don't want to end up losing your shirt on the market, you better start your entry into it by formulating a trading plan.

So, how do we go about doing it then? Well, the foundations of a trading plan is this :

- what are your objective?
- How much money do you intend to earn?

It would be best and easiest to start your plan by setting a definite number for you to aim for every month or maybe weekly. This gives you a specific goal to meet and helps you focus on what you want.

Next, you should choose the particulars of your entry into the market. What markets are you interested in going into? What commodities or products? This choice should be based on your knowledge and interests. It's pretty self-defeating to trade in stocks you're in for purely money. That's because lack of interest usually translates into non-interest in current events in that particular product's field. Not knowing what's happening in a market that you're trading in would be disastrous. So focus on markets that you have knowledge of and are willing to learn about.

After knowing what you'll be trading in, it's time to roll up your sleeves and hit the books. Choosing particular stocks in a one field is important and this is done by reviewing the performance of the stocks in a particular market. This defines what stocks you will be getting and what your possible strategies are. Are you going to go for the slow and steady route? Stocks that have consistent performance through the years. Want some quick money? New stocks moving upwards in recent times can be a boon for you.

As I mentioned earlier, choosing stocks goes hand-in-hand with formulating a strategy. These strategies would specify at what price you would start buying a particular piece of stock and how much money to spend on it. They also indicate at what prices would you start selling the shares that you have accumulated some profits or to cut loss when your stock no longer performs.

Your trading plan should also include some specifics : just exactly what sort of trader would you be? A day trader who is focused on the daily market schedule or a swing trader who may hold on to a trade for day or months?

The plan should also specify how exactly are you going to trade : calling up your broker once in a while or having your own online trading account.

Of course, there's the danger of over-planning. Don't be seduced by all that fancy software being advertised. All you need for stock trading is an accurate way to get stock information and that can be as easy as going to Yahoo! Finance or visiting marketwatch.com. Or you can invest in the star trading system.

Finally, your plan should have a margin of error or at least a level of adaptability. A whole lot of things happen on the stock market and you can't exactly be expected to take into account everything that might happen in the market. Having your plan be able to handle something you didn't think about can help make sure you don't accidentally lose money. This is where money management will save you. As long as you allocate a fixed percentage (eg. 5 to 10%) of your capitol to every trade, you will not be burned if one or two of your trades didn't work out as expected. You will still have the capital to fight another day.

A good trading plan can mean the difference between losing your savings or having a nice little retirement, so keep this in your mind as you formulate your own.

Good trading,

Tony Chai

US Markets Still Weak

2011-03-23T03:37:00.000-07:00

Dear traders,

Although the rise in the Japanese stock market earlier this the week has led the rally in the global stock markets, the US stock market indexes - namely, the Dow Jones Industrial Average, the S&P 500 Index and the NASDAQ Composite Index are still trading below their 30 Day Moving Average.

Investors are basically worried about that the allied coalition military intervention in Libya will prolong the shutdown of oil output from this OPEC nation. Oil prices traded near US$105 a barrel on Wednesday, 23 Mar 2011, in Asia. Since 14 Feb 2011, oil price has jumped 24 percent as violence broke out in North Africa and the Middle East.

Yours Truly,

Tony Chai

Why You Shouldn’t Get Into Stock Trading

2011-03-22T07:16:00.000-07:00

Dear fellow traders,

Indeed, one of the most growing industries in the past few decades is stock trading.

This is because trillions of income can be generated in one day through hundreds or even thousands of trading transactions that come in different parts of the country and now, the world, made possible through fast Internet access.

In fact — due to its viability — more and more people are getting into it because they see how flexible the trading schedule could be, how easy to get access to stock trading, the efficiency of the means and ways that stock trading can be transported, the no or low minimum of costs and accounts, and its capability to always move.

If you want to get into stock trading, the 1st thing that you need to do is to conduct some research. This research should include :
(1) what stock trading is,
(2) what are the basic things that you need to know in order to get started with it, and
(3) what do you need to do in order to be successful in it.

You can conduct your research by searching for websites that offer information on it. These include Yahoo! Finance, Google Finance, Marketwatch.com, MSN Money etc.

Today, with just one click, thousands of information could appear right in front of you. For you to save time, it would be best if you are very specific on what you are looking for. If you know what the exact terms that you are looking for, it would be easier for you to find the information you need regarding stock trading.

For a list of trading or finance related terms, visit :
http://www.investopedia.com/dictionary/

But, despite all these advantages, there are also reasons that you need to consider why you Should Not get into stock if given another option or business opportunity.

Experts say that people should not be very impulsive in getting into stock trading without really gathering their facts straight. This is because the investment involved in stock trading is not a joke. And once you lose a lot of money of investment, it will be hard to recover in that same industry.

If you have another business option that you think that you will succeed in, it will be best to try it first because stock trading can break your heart and your pocket once you get started the wrong way.

Experts say that people should not get into stock trading because :

There Is No Exchange System Available.
This is one the greatest risks that people who get into stock trading must face. Since it is a free flowing market with no definite time of operations, one can never be sure if they can close a transaction or not. If you are not comfortable with the idea that your business has no regulated mechanism, then don’t invest on it in the first place.

It Can Be Quite Complicated.
Compared to other markets, the nature of stock trading is much more complicated and harder to understand. Since it is quite different in terms of the approaches and techniques being used, some people easily get tired of getting the hang of it. Because of its complicated nature, it takes years for some traders to understand all the things that they need to understand about the process. Some may even refer to trading as an art.

It Has 2 Sides To Every Position.
Although it is the nature of a market to have more than one side position, the two-side position of stock trading can be confusing to most people. This is because the currencies that are being dealt with change rapidly and fluctuates unexpectedly compared to other markets.

But to me, I believe if you follow a good trading system and practise good money management, you have at least started off in the correct footing in your stock or option trading journey. Then, you would persevere and keep learning hands-on from your trading experiences to become better and better in your trading.

Yours Truly,

Tony Chai

Wall Street Falls Again

2011-03-11T00:22:00.000-08:00

Dear fellow traders,

On Thursday, 10 March 2011, The Market Big 3, namely, the Dow Jones Industrial Average, the S&P 500 Index and the NASDAQ Composite Index suffered another big drop due to several negative news which might hit the US economy further.

On Thursday, 10 March 2011, the Labor Department announced that the number of people seeking unemployment benefits rose last week. Applications increased by 26,000 to a seasonally adjusted 397,000 during the week ended 5 March 2011.

The US government incurred the largest-ever budget deficit of $222.5 billion for the single month in February 2011. This eclipsed last February's record by nearly $2 billion. This ensures 2011's annual deficit to end as the biggest in U.S. history. The full-year deficit would exceed 2009's record deficit of $1.41 trillion.

The widening deficit is due to the impact of the tax-cut package that US President Barack Obama and congressional Republicans introduced in Dec, 2010.

Also, Oil prices have hovered around US$103 a barrel on Friday, 11 March 2011, in Asia as traders now worried that the protests in Saudi Arabia could escalate and might disrupt production in the world's largest crude exporter.

As of this writing, the Asian share markets extended their losses on Friday, 11 March 2011, following the Dow Jones Industrial Average's biggest one-day drop since August 2010. China has also reported that the country is experiencing high inflation, announcing that its February 2011 inflation remained elevated at 4.9%.

On Thursday, 10 March 2011, The Dow shed -228.48 points, or 1.87%, to 11,984.61; The S&P 500 dropped -24.91 points, or 1.89%, to 1,295.11 and the NASDAQ fell -50.7 points, or 1.84%, to 2,701.02. All 3 indexes have currently breached the 30 Day Moving Average once again.

I'm watching the stop loss level of my few bullish positions tightly. Seemed like the market bloodshed might continue on Friday, 11 March 2011.

Yours Truly,

Tony Chai

US Markets Fell on 1 March 2011

2011-03-03T06:29:00.000-08:00

Dear fellow traders,

On 1 Mar 2011 (Tuesday), with rising unrest in Libya and Mr Ben Bernanke, Head of the Federal Reserve, announcing that rising energy prices will affect the economy, the main US market indexes all fell.

On 1 Mar 2011, The Dow Jones Industrial Average shredded 168 points, or -1.38%, to 12,058. The S & P 500 Index also dropped 22 points (-1.57%) to close at 1,306.33. The 30 day simple moving average (SMA) for both indexes have been tested again. If the drop persists, the next support will be the 50 day SMA. If you have bullish positions, it’s advisable that you have stop loss in place for your positions.

Yours truly,

Tony Chai

DOW breached 30 Day Moving Average

2011-02-26T03:18:00.000-08:00

Fellow traders,

Thousands of foreigners have fled Libya amidst the political unrest & violence in the North African nation. On Wednesday, 23 Feb 2011, Crude oil prices reached US$100 a barrel in the United States due to the continued unstable situation in Libya - which is the 12th largest exporter of crude.

On Wednesday, 23 Feb 2011, the Dow Jones Industrial Average and the S&P 500 Index breached their 30 Day Moving Average for the 1st time since Nov 2010. There was a rebound on the moving average on Friday, 25 Feb 2011. Now we have to see whether this rebound will take strength next week.

Yours Truly,

Tony Chai

The Dow extended its winning streak

2011-02-11T20:29:00.000-08:00

Dear fellow traders,

On 9 Feb 2011, the Dow Jones Industrial Average extended its winning streak of 8 consecutive up days to close at 12,239; this despite the protest at Egypt, started back in 25 Jan 2011, to force Egypt's President Hosni Mubarak to resign.

As of this writing (11 Feb 2011), Egypt's Vice President, Mr Suleiman, has announced that Mr Mubrarak has officially stepped down and a military council would be running the country's affair.

On 11 Feb 2011, the Dow Jones Industrial Average was up +43.97 points to close 12,273.26, a fresh 2 and a half year high. The NASDAQ was also up an impressive +18.99 points (0.63%) to close at a session high of 2,809.44.

The following is an update of my trades with the Star Trading System.

There were a few trades which were stopped out in Jan 2011. The trades were better going into Feb 2011 as I closed those positions which made big intra-day price movement. For instance, one of these companies won a suit and their stock price gapped up about +$1.70 at the opening, which presented a great opportunity to close the position.

Review of Star Trading System

Warmest Regards,

Tony Chai

Dow touched 12,000 points

2011-01-30T23:28:00.000-08:00

Dear traders,

The Egypt turmoil has rattled the Middle East stock market and has also jolted the Dow Jones Industrial Average to be down 166 points on Friday, 28 Jan 2011 to 11,823 points.

On 26 Jan 2011, the Dow briefly surpassed the 12,000 mark for the first time since 17 June 2008. Everyone's been talking about a correction is due for the market. But the DOW is actually still 18% shy of its all-time high close of 14,164.53 in achieved back in October 2007.

We wonder how's the US market going to react when it opens its door today.

Regards,

Tony Chai

Online option trading - take a break

2010-12-19T06:57:00.000-08:00

Dear fellow traders,

Thanks to Trader Travis from Learn Stock Options Trading who shares with us an article on why you should take a break from your online option trading till the 2nd week of January 2011.

Here's the article.

Meanwhile, the bill to extend all Bush-era tax cuts for at least 2 years and extend aid to the jobless for 13 monthswas was passed through the House on Thursday, 16 Dec 2010. The bill was just signed by the President.

A day after the Senate passed the tax legislation easily by an 81 to 19 margin, the House of Representatives followed suit - 277 to 148 - sending the bill to President Obama to sign and reap a restorative bipartisan victory six weeks after the Democrats defeat on the 2 Nov 2010 elections.

The legislation will add $858 billion over two years to the already soaring U.S. federal deficit in an effort to stimulate the economy.

I take this opportunity to Wish Everyone a Very, Merry Christmas!

Tony Chai

Trade Updates

2010-12-12T02:25:00.000-08:00

Dear friends,

The markets have moved higher. The S & P 500 has surpassed the early Nov high. In fact, S & P 500 is trading at a new 2-year high. The 30-Day Moving Average and the trendline are pointing upwards.

The NASDAQ is equally impressive. It also reached a new 3-year high.

The bullish market is buoyed by news of a deal by President Obama to extend the Bush-era tax cuts for at least another 2 years. This raises the optimism that the economy will have room for growth in 2011; though there's some debates whether extending the tax cuts (including the estate tax) for the super rich is appropriate.

Nevertheless, The Federal Reserve Chairman Mr Ben Bernanke said the Fed is ready to provide additional stimulus measures to help the economy to create jobs. The FED is dipping into the the quantitative easing measures by buying 600-billion-dollar of bond as announced after the last FOMC meeting in November 2010. The fed fund rate rates are near zero% and the FED can't cut interest rates any more as a measure to revive the economy.

Here are the updates of my Star Trading System trades.

I wish to take this opportunity to wish everyone a Merry Christmas & a Happy New Year!

Good Trading,

Tony Chai

Update of Trades

2010-11-25T05:58:00.000-08:00

Dear fellow traders,

The following is an update of the trades made with the Star Trading System as discussed in my previous post :

The following are real money trades using the same Star Trading System :

Happy Thanksgiving!

Regards,

Tony Chai

Profitable Option Trades with the Star Trading System

2010-11-12T17:28:00.001-08:00

Dear friends :

The above is a list of option trades that I've paper-traded with the Star Trading System. To comply with privacy rights, I regret that I'm not allowed to display the stock tickers and options in these trades.

The Star Trading System is a swing trading system which rides with the trend of the market. It comprises a specific set of rules to select the stocks to ride on this trend. But the stock selection is automated with the help of a software called Telechart 2007. This automatic stock scanning process saves us tons of time from manually scanning the thousands of stocks or ETF traded in the US market.

Then the system has very precise rules to qualify the best options to leverage a trade on the stock candidates. And that's not all. Mr Jason Ng, President of Masters 'O' Equity Asset Management (Singapore) Pte Ltdthe and creator of the Star Trading System, further streamlined the essential criteria to consider when the US market opens to eventually decide whether to enter those option trades.

All these stringent steps are given and to be strictly followed for one single purpose - to trade an option position which meets the highest selection criteria and executed at the most opportune moment where there's a higher probability of success.

Alas, the market is unpredictable. Thus, the Star Trading System has a stop-loss method to minimize loss of trading capital in case the market go against the option position.

The Star Trading System also recommends a few profit targeting methods which I find useful to control traders' 2 weakest emotions during trading - fear and greed.

However, I have to stress that the Star Trading System is not a get-rich-quick trading system. You still need to put in some efforts to do your homework to prepare for your trades and monitor them when they are already in position. But believe me once you get use to the steps outlined very clearly in the system by Jason, you will spend lesser than 1 hour (or even lesser than that) a day to do the steps I've mentioned above.

You'll realized I did not bother to hide the options paper trades on Apple Inc. (AAPL) and Amazon.com, Inc. (AMZN). These were actually earnings gapping trades to show you the fallacy of this trading technique. I've mentioned in this blog entry why I've stopped trading the earnings gapping technique.

The following are some of the trades that are still in position using the Star Trading System.

Good Luck in your trading.

Yours Truly,

Tony Chai

Guest Post at OptionAlpha.com

2010-11-10T21:45:00.000-08:00

Dear friends,

I've made a guest post at OptionAlpha.com where I've talked about the current market condition and also shared some of the valuable principles in trading that I'm adopting now.

The S&P 500 Chart

The Dow Jones Industrial Average

Cheers,

Tony Chai

The Social Network aka Facebook

2010-11-05T02:26:00.000-07:00

Dear friends,

When I sign up for a Facebook account back in year 2005, I didn't realize this social network portal is going to be that BIG!

Nowadays, if you're not in Facebook, you're out!

Just look at smartphone users around us, almost everyone I see is scrolling his or her Facebook account. During break times at work, almost every colleague is sneaking in to check who has left what in their Facebook account.

Medias, corporations are riding on this Facebook frenzy to promote themselves. It's certainly a hip market tool that has extended beyond the Google PPC marketing avenue.

Talking about hip, the movie "The Social Network" has been released in the US in Oct 2010. I guess you know what's the movie is about :)

I just went to the Rotten Tomatoes movies review site and found that this movie has garnered an amazing 97% rating!! That's remarkable for a movie which does not boast big budget FX special effects and action sequences. I believe it should have scored brilliantly with a clever script, good directing and a great cast and I'm pretty sure this movie will do great in next year's Oscar. From the rave reviews that I've seen so far, I guess this is one movie that I will not miss.

By the way, my Facebook ID is Tony Chai. Wow! I just found out that there are tons of Facebook users registered as "Tony Chai". I won't be too surprised since up to July 2010, Facebook has more than 500 million users around the world. The company is estimated to be worth at least US$30 Billion.

Regards,

Tony Chai

P.S. I just watched the movie and I've only one word which aptly describes it - Fast. It's like a computer program being coded line by line by a professional programmer. Each dialogue is quick and kept the pace of the movie tight without making the story too confusing. Mr Jesse Eisenberg portrays the character of Facebook's creator, Mark Zuckerberg, really well. I wonder whether Mr Mark Zuckerberg talks bullet-fast like that in real-life synonymous with how quickly he generated those Facebook program codes. I'm also wonderfully surprised that Mr Justin Timberlake put up a great performance playing the character of the inventor of Napster. Go watch it!

Market Update - 29 Oct 2010

2010-10-29T21:09:00.000-07:00

Dear Traders,

The U.S. Markets have performed remarkably these few weeks.

The Dow Jones Industrial Index and S & P 500 Index have surpassed the Aug 2010 High and have almost reached the late April 2010 High. But the Nasdaq 100 (an Index comprises mainly of Tech Stocks) has performed even more impressively by breaking the April 2010 High shown below.

A lot has been said whether the current market rally has been caused by Quantitative Easing (QE) measures by the Feds, which have been used previously to revive US from the 1930 depression and also adopted by Japan when interest rate has reached 0%. Money have been created to help increase the level of reserves held by the commercial banks. Securities have been bought in the open market by bank institutions.

The following video gives you a good idea of what Quantitative Easing (QE) is all about :

I'm not an expert whether this could be the real cause. But I do notice the US exchange rate against our country's (Singapore) currency has dropped tremendously. A market rally is usually tied to the country's economy strength. Is the current US stock market rally indicating the US economy is strengthening? But how do we explain the weak US currency?

May be fellow traders familiar with economy can enlighten me.

Thanks,

Tony Chai