Watch Uncle Buck

Bearing in mind the extreme correlation to this point between inverse USD and SPX…

spx and usd

…it is probably a good idea to keep an eye on Uncle Buck, who is holding support and bouncing. Oh and yes, I continue to hold my still-unprofitable EUO positions as macro hedges, pending this support on DXY.

dxy

While everything is up in the air right now, one scenario (among others) is in play amid the joy-fest. That scenario would be a massive macro sell signal now that joy has spread far and wide across the land about the dead wicked witch and the soon to be dead virus. I don’t like it from a contrary perspective.

If such a scenario were to engage Uncle Buck would receive all those off-sided funds racing for safety. Just a thought. Probably nothing.

For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed interim market updates and NFTRH+ dynamic updates and chart/trade setup ideas. You can also keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter @NFTRHgt.

Testimonials