Dollar Falls Off Highs Giving Market Solid Lift

The Dollar spiked higher for the third straight day with one small difference. Today, the Dollar pulled back into lunch, giving the markets a solid pop. The Dollar trades inversely to the markets and anytime the Dollar falls, the markets will move higher. Note the chart below. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) hit a high today of $21.55 before falling sharply in the last hour to $21.46. This fall coincided perfectly with the SPDR S&P 500 ETF (NYSE:SPY) pop into the 200 moving average on the intra day ten minute chart.

The markets are having a normal Monday float higher. After a weekend, especially one with a holiday like Mothers Day, the markets have a tendency to have light volume and also float higher. Commodities are popping today with oil, gold and silver all surging. Key stocks leading the up move in the markets are the beaten down commodity plays like Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX).

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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