Stock Picks – PowerShares DB US Dollar Index Bullish Fund-UUP

by Sam Collins | December 10, 2009 11:19 am

 

PowerShares DB US Dollar Index Bullish Fund (UUP[1]) — A technical development that is very important to the market right now is the sharp rally in the U.S. dollar.  

 

On Oct. 9, I noted in another publication that, “High volume could indicate a selling climax since it is falling into a possible support zone established in April to July 2008″

Curiously, the UUP double-bottomed[2] at $22.02 on Nov. 25 and Dec. 1, closing last night at $23.03 after plowing through its 20- and 50-day moving averages on very high volume. 

From a technical point of view, it looks like the dollar has bottomed. And with that there will be an enormous impact on other industry groups, especially gold, silver and other metals.

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Source URL: http://www.investorplace.com/2009/12/stock-picks-db-us-dollar-index-bullish-fund-uup/
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