In my last commentary I noted that the Euro could bounce. The Dollar has just broken significant support as I write. I have short EURUSD positions remaining, but I'm strongly hedged with a DXY short.
I'm also long Gold and Silver, as a counter-trend short Dollar play.
I also noted that political confusion concerning Trump could make the US markets 'choppy' - this is not happening!
Two things are going on: Firstly, Trump is proving to be resilient, as attempts to discredit him and his supporters seem to come to nothing. Second, the rest of the world is falling apart. Investors outside of the USA are buying up blue chip stocks to hedge their own political and economic risk.
Consequently, the Dow has done nothing but rise since February. Taking out the January high would project a move to over 30,000. I see no possibility of a technical pause in the long-term trend, unless the February low is taken out - this seems impossible at this point. As it stands, the current pattern is nothing but bullish.
I'm long DJIA and S&P500.
I'm also long Gold and Silver, as a counter-trend short Dollar play.
I also noted that political confusion concerning Trump could make the US markets 'choppy' - this is not happening!
Two things are going on: Firstly, Trump is proving to be resilient, as attempts to discredit him and his supporters seem to come to nothing. Second, the rest of the world is falling apart. Investors outside of the USA are buying up blue chip stocks to hedge their own political and economic risk.
Consequently, the Dow has done nothing but rise since February. Taking out the January high would project a move to over 30,000. I see no possibility of a technical pause in the long-term trend, unless the February low is taken out - this seems impossible at this point. As it stands, the current pattern is nothing but bullish.
I'm long DJIA and S&P500.