Dollar Index Setting Up To Drop

Let's take a quick look at the US Dollar and see what it is telling us about the markets right now. The Powershares DB US Dollar Index Bullish (NYSEARCA:UUP) has been on a tear the past 14 weeks. This has put pressure on many commodities including Gold and Oil. From the weekly chart below you can see that the Powershares DB US Dollar Index Bullish (NYSEARCA:UUP) is now trading into major resistance, indicating a pullback should occur shortly. This pullback in the dollar index will give a lift to the Market Vectors Oil Services ETF (NYSEARCA:OIH) and the Market Vectors Gold Miners ETF (NYSEARCA:GDX).





Evan Poechman
InTheMoneyStocks.com