It appears the dollar doom and gloomers have headed home for the holidays.
In today’s trade the U.S. Dollar Index has now mounted its longest winning streak since August.
In fact, as of today, the greenback is well above resistance at the 78 level, after gaining 5.5% over the last four weeks.
Luckily, that move has been relatively benign so far as it relates to stocks. Meanwhile, the same thing can’t exactly be said for gold.
In fact, as the dollar has screamed higher, gold has plummeted over 10% of late, falling below 1100 from a high of 1220.
Needless to say, a similar move in equities would have seen the Dow drop to the 9000 mark, which thankfully hasn’t followed suit so far.
That has left traders like Art Cashin wondering what has happened to the correlation that has ruled the markets since the meltdown.
But with the holiday now upon us, it’s more likely that we won’t get a good read on the markets next move until everyone returns in January.
We shall see. In the meantime, according to Art it is the bulls have the football…
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