The Dollar Holds All The Cards
Since the U.S. Dollar has fallen lower by more than 0.40 cents off the highs to go negative on the session the major indexes have traded higher. Many commodity stocks such as Freeport McMoRan Inc (NYSE: FCX), U.S. Steel (NYSE: X), and the SPDR Gold Shares (NYSE: GLD) have moved higher on this dollar decline.
There is also a rumor on the street that China is buying gold from the International Monetary Fund. This has given all gold mining stocks such as Newmont Mining (NYSE: NEM), and the Market Vectors Gold Miners ETF (NYSE: GDX) a strong rally especially from the intraday lows.
As we say, every trade is a dollar trade. Continue to look for the market indexes to trade invese to the dollar especially when we have volume in the market indexes.
See The Charts Here:
https://www.inthemoneystocks.com/n_rant_and_rave_blog_single.php?id=5881
Nicholas Santiago
Chief Market Strategist
InTheMoneyStocks.com
