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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.


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