Thursday, July 23, 2009

UUP Chart Updated


Check out what the UUP looks likes now. Looks ready to find new lows which is a positive for equities. Everything is going up today and sure feels like institutional buying at work.
Hard to argue with a heat map that looks like this: http://finviz.com/map.ashx?t=sec

4 comments:

Anonymous said...

Use the futures index $USD instead of UUP for accuracy. $USD is far from bearish.

steveplace said...

Anon:

Just go a step further and follow the dollar forex pairs: EURUSD AUDUSD USDJPY USDCAD GBPUSD. UUP most closely tracks the inverse of EURUSD.

Check out the correlation over past 30 days of equities vs the dollar basket.

Stewie said...

interesting info guys. Thanks for taking the time to share this.

Blue said...

Stewie...when is the last time you saw the S&P and major market leading stocks hold above the 20ma for 4.5hrs before even touching the line?

Inhuman if you ask me.

To my eyes, it looked like last week which is a heavy amount of high frequency trading to press the bid no matter what the price.

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