They’ve whacked Uncle Buck post-Jackson Hole and Trump/N.K., part 2. But not only did I hold my short Euro, long USD positions, I added more UUP on yesterday’s festivities.
Here is the state of the index. It ticked a hair to a lower low from 2016’s low. Screw ’em I said, I’m not buyin’ it. However, if USD loses current long-term support it’s all but assured to be going to 88, if not 84., which is actually a measured target of a would-be breakdown.
So don’t break down Unc, okay? You are needed to recall the rampant speculation in US equities, and certain global markets and commodities.
Here is the current daily view. Disaster averted… for the moment.
And again I remind you that public sentiment is over-bearish the dollar and commercial hedgers are aligned as they were before the last big rally in 2014. From Sentimentrader…
Still looks compelling to me. But hey, I could be wrong. These are the markets after all.
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