Be alerted when Mike posts an article
The PowerShares DB Bull US Dollar Fund ETF (NYSE: UUP) not only is oversold, but also appears to be the beneficiary of flight-to-safety money flows that is reminiscent of last year's stock market plunge. Concurrent with equity market weakness, the dollar has steadily climbed this morning, which has a familiar ring to it from last year’s stock market debacle, which attracted investors into the “safety” of the U.S. currency. Thus far, however, let’s notice that during the past 3-4 weeks the dollar has carved out a small but significant base-like pattern that should resolve to the upside in a run towards key resistance at 79.50/65 in the DXY and to 27.70/75 in the UUP.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
