U.S. stocks were having their worst day of 2010 on Wednesday as lending restrictions in China worried investors about the global economic recovery, while a conservative outlook from IBM weighed down technology shares.
Hurray for the U.S. dollar day. As goes the dollar, so goes stocks, commodities and gold in the inverse. The U.S. dollar ETF, UUP, has once again moved into the September 09 gap. While volume has increased today, it still lags that of the swing highs within the gap. For UUP to turn bullish it needs to break the gap and swing highs (resistance) on an explosion of force or what is called a technical sign of strength. This is something it has been unable to do thus far. The force behind the rally will dictate its longevity.
Source: finance.yahoo.com
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