Today’s strong showing by the US Dollar has kept the uptrend alive.
It was another risk off day in the markets. I shouldn’t say “another” because we haven’t had too many of them lately as equities have become the only game in town.
Of note, I have often and recently stated that a bullish Dollar would not be equity positive especially considering the last decade. My Dollar model turned bullish on September 30, 2011, and since that time, the SP500 is up about 14%. Of course, almost all of that gain was in the month of October. In other words, the SP500 closed October at 125.50, and in all likelihood at the end of today, it will have only gained 3 points over the past 2.5 months. That annualizes to about a 12% gain. Seems like a lot more!
Category: Dollar Index