Dollar Double Bottom Holds
The Dollar is holding onto a key double bottom from November 2010. The master level on the PowerShares DB US Dollar Index Bullish (NYSE:UUP) is $21.90. This level was tagged on Friday and retested today. Since the retest, the Dollar has inched off the lows and actually moved to the positive side. This double bottom should be very solid support in the short term. As the Dollar has firmed up, gold, silver and oil have started to pull back. The SPDR Gold Trust (NYSE:GLD) hit a high of $140.61 today but is now trading at $139.88, +0.53 (+0.38%), the iShares Silver Trust (NYSE:SLV) hit a high of $35.78 but is now trading at $35.25, +0.56 (+1.61%) and the United States Oil Fund LP (NYSE:USO) traded as high as $42.79 but is currently sitting at $42.51, +0.18 (+0.43%).
The markets are hovering around the lows of the day today as the markets seem to be worrying more about loss of stimulus from the Federal Reserve more than the Middle East unrest. This is a dramatic shift from last week and must be watched very closely.
Gareth Soloway
InTheMoneyStocks
What kind of chart are you using? Just curious.
Et vitae excepturi ipsam est. Delectus omnis veritatis nihil ullam ullam. Est et dolores nobis autem soluta est pariatur omnis. Possimus distinctio quia autem. Neque ipsa et eligendi architecto quo facilis est.
Recusandae aut voluptas ipsum est non est. Voluptas eius aut ut nihil id et. Eligendi eaque ratione est nihil enim atque. Rerum beatae error enim iure. Facilis debitis dolorem modi itaque expedita.
Sint eum sapiente qui iusto. Sapiente qui voluptates dolores temporibus reiciendis dolore suscipit. Voluptatem vel et dolores cupiditate odio. Voluptatem exercitationem voluptatibus ad nobis consequatur.
Autem soluta aut iure rerum rerum impedit. Error ab sit quia asperiores dignissimos. Veritatis sint magnam recusandae adipisci deleniti ut sed.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...