Commodities and currencies are subject to the same sentiment forces as stocks. Dollar index rallied with the stock decline until it hit it's 90-minute M/A, now has declined with the stock rally.
Tuesday, June 14, 2011
6/14 noon
The stock indexes completed wave iii of C up. If this rally is destined for another week then this is part of wave (i).
Still, SPX 1294.50 is a good spot to begin small shorting. The M/A above should be declining to about this level in time for wave v of C completion. This should approximate DJI 12,175. Of course, if this is a multi-day rally then this position would be stopped out by breaking the DJI critical M/A envelope at 12,215. So an additional small short will be placed at 12,200.
Commodities and currencies are subject to the same sentiment forces as stocks. Dollar index rallied with the stock decline until it hit it's 90-minute M/A, now has declined with the stock rally.
If this is a multi-day rally then the metals and other commodities are due for rally as well.
Commodities and currencies are subject to the same sentiment forces as stocks. Dollar index rallied with the stock decline until it hit it's 90-minute M/A, now has declined with the stock rally.
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