Falling Dollar, Buoyant Equities
Mid-Day Minute for Mon March 1st 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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While the e-mini S&P 500 appears to be consolidating at the top of its upmove from last Thursday’s pivot low at 1084.59, the DXY (cash dollar index) is in the process of giving back most of its upmove from earlier today. As of this moment, the combination of a falling dollar and buoyant equity indices argues for continued upside in the commodity-related names and indices into the closing bell – especially in the metals and mining names, including ETFs such as the GDX and GLD.
