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Dollar Could Kill Wall Street's Joy Ride

By: Rick Ackerman, Rick's Picks

 -- Published: Tuesday, 24 February 2015 | Print  | Disqus 

Itís no coincidence that the stock marketís steep rise in February began just days after an equally steep rise in the dollar stalled in late January.  The dollar has been moving sideways ever since, extending a monotonous sine-wave correction that is setting up the dollarís next powerful rally. It projects to at least 96.30, a relatively modest move of about 2% that would leave DXY a tad shy of  a small but technically important peak at 99.25 recorded in August of 2003 (see inset). The dollar has already blown past a more significant Ďexternalí peak at 99.25 from 2005, so itís got nothing to prove. But if the next upthrust eventually exceeds the 96.30 target as I expect, it would add a robust new dimension to the bull market begun in earnest last year.  It would also put considerable pressure on U.S. stocks, perhaps even ending Februaryís joy-ride on Wall Street. Take a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world.


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 -- Published: Tuesday, 24 February 2015 | E-Mail  | Print  | Source: GoldSeek.com

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