The UUP dollar bullish fund, which I own a heavy load of (and have been adding to with each down thrust) is making its first move on the SMA 50 since the whole ignominious post-Trump meltdown began at the beginning of the year. Of course, it’s just preliminary and I’m not going to make a big deal about it yet.
But Uncle Buck is watching the speculative excess in markets and he is one of several potential table legs that could be kicked out this fall. Yes, it’s still in the realm of potential as speculation keeps on floating. But a dollar rally could be an element that would start dragging on certain sectors, especially those that got the Trump reflation bid that holds firm to this day (see Materials, Industrials, exporters, etc.).
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