It’s a Dollar Market
- Posted by UpsideTrader
- on June 9th, 2009
See that late day rally yesterday? No, it wasn’t the PPT but I do think it was a strong short covering spurt driven by the the late day weakness in the dollar. The commodity and material sector caught a nice bounce off their lows as the dollar started to fade.
The Supreme Court has delayed the Chrysler sale to Fiat and Obama reiterated his plan to create or save 600,000 jobs by the end of summer.
Futures are flat but oil is up and it really is trying to tag $70. Rates are rising and that wasn’t part of the administration’s plan, at least not yet. Watch treasuries and watch the greenback, because that’s what matters for now.
Good luck today
Follow @upsidetraderThe information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Joe was on Wall St, for twenty five years and his career took him to the retail, institutional and capital markets... More »
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