More choppiness in the market, which has been going on for over a month now. The S&P has been in this trading range since early November. It won’t stay in this range forever. It will breakout one direction or another soon. I think the possibility of an end-of-year rally still looks good.
I had three triggers today. Two of them for nice moves. They were..
This one triggered at the open, but quickly sold off.
Last night, I mentioned that this recent trigger looked ready to move again. It made a decent move today.
Other recent triggers did well today, like FFIV.
I havent been posting charts of UUP in awhile. Since GLD looks like it’s topped out, it seems that the dollar could benefit. This chart seems to show UUP consolidating.
UDN, the dollar bear ETF confirms this. It looks very bearish here.
The question is, will a strong dollar mean lower prices in stocks? This has been the case for a long time, about a decade in fact. But now there is talk of a decoupling of this dollar/stocks relationship. Something I’m studying now and will watch and comment on more if this develops. I am being careful about a strong dollar, it’s possible that the dollar could move higher with the market. It has to happen someday.
Good luck and good trading!
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