Welcome new reader!

Financial news I consider important, with my opinion, which is worth as much as you paid for it.
Please click HERE to read a synopsis of my view of the financial situation.

Friday, July 6, 2012

Dollar Rising

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.

No comments:

Post a Comment