I'm thinking we are close to a dollar ramp, oil/basic materials sell off and have added some DUG to my positions. My thoughts are that the perfect Bear confirmation will be a decent upside open tomorrow morning on the back of AAPl earnings with a heavy volume distribution day and a lower close. The chart below of UUP appears to be pressing lower into a bullish diverged RSI as if loading a coil spring while at the same time we are approaching a short term cyclical low. If we get a sharp snap back dollar rally then I would expect it to occur while the stock market and oil are selling off sharply....
Tuesday, July 21, 2009
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