The US Dollar continues its choppy ascent, clawing its way to a 7 month high. Watch for it to form a “golden cross” as the 50dma breaks above the 200dma.
Regardless of whether the Fed raises rates next month, the Dollar is favored because of recession in Japan and all the woes of Europe. The Euro is currently trading at under $1.065 and I believe headed to parity with the US Dollar sometime in 2016.
I remain long the US Dollar and believe that it can run another 5-10% with limited downside risk when compared to the S&P500. This continues to be a volatile market, so expect lots of switchbacks and head fakes.
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