The US dollar is rising today, which does NOT bode well for resources.
Just earlier in the week I was calling for resource bottom, mainly due to how badly the sector was beat up. Then Gary got bullish, and I was already starting to get bullish, pushed me over the edge.
But looking at the chart below, it could be a snap back rally that fails next week, or what it looks like, the dollar is not rolling over.
When in doubt, caution is best.
I am going to LIGHTEN positions, but not exit. I am taking down my bull/bear image for now.
But the US Dollar looking to continue to make new highs wont play well for resources.