European Rally Cools The Buck
Dollar index futures
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PowerRating) are taking a breather
from a ten-day up-move, backing off as global investors take notice of a
strengthening European equity market. European stocks have rallied for five
consecutive days with telecom stocks leading the market higher. Investors must sell
dollars and buy euros or European currencies in order to participate in
continental equity rallies. Euro FX futures
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PowerRating) are trading near
contract lows and are oversold. Dollar index futures are making good on a Turtle Soup Plus One Buy
setup, a tip-off that suggested a swing reversal could be in store.Â
Tuesday’s API report showing a surprisingly low build in crude oil inventories
is continuing to bolster the energy patch. Crude oil, from the
New 10-Day Highs List and unleaded gasoline, from the Momentum-5
List are up more than 1.6% each. Stockpiles are at a 2year low. Heating oil is trading at a contract high.
