Wednesday, June 22, 2011

Keep Your Eye On This Market


Above is a daily chart of the ETF for the U.S. Dollar symbol UUP. If you've been a reader of this blog you would know that one of my favorite chart patterns is  the symmetrical triangle and that is exactly what is forming in the U.S. Dollar right now.

We can never be sure which way the breakout will be but when it does finally happen the subsequent move should be a nice trend. I guess being that I am bearish on the stock market I would prefer to see a breakout to the upside in the dollar but for now lets just take one day at a time and let the market tells us what it wants to do. Keep an eye on this market!

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