Russ, on energy, banking and the Dollar
In reverse order, foreigners likely are hedging their dollar exposure in US bonds and equities, hence the large commercial long position?? Stock of LEH is in a pretty strong uptrend. Wavering MACD suggests the pace of the advance may be slowing but not ended, imho. Can't dispute the risk in the system.
On energy, yes, boom, today....All we needed was Greenspeak to tout the group. Big winners in CRED and EENC today. CanRoys pumping out the cash....Little pickup in Acclaim today....
Like you, I'd sell on a good uptick in the miners into this 144-150 HUI overhead....but as of yet the shares aren't really over bought....Many feeling the rally won't last....as long as that's out there it has a chance of at least getting to the higher number, as Valutrader assured me it would.....Looking for the spike on which to lighten up, however.
Be "interesting" to see how the dollar does at 94.11.....a close over which would validate a S/T turn in my opinion....With Soros touting his shorts its likely time for a rally....bet he was covering some today
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