The PowerShares DB US Dollar Index Bullish (NYSE:UUP) gained 1.32 for the week closing at 81.35. While this is a big move for the dollar there is another phenomenon going on here. The dollar seems to rally overnight, as it does trade 24 hours. However, when the opening bell rings at the New York Stock Exchange it seems to fade or outright sell off. This declining action gives a lift to the stock market especially most commodity and inflationary stocks. Note the iShares S&P GSCI Commodity-Indexed (ETF) (NYSE:GSG), or more specifically the Exxon Mobil Corporation (NYSE:XOM) to trade this relationship. The days when the dollar does not fade at the open it will usually reverse lower when the stock index futures are close to breaking a key support level. This is very strange activity for the dollar but well worth noting as it will always cause a reaction. Therefore, the overnight action in the dollar seems to be rather unimportant. In any case the weekly dollar chart continues to find some resistance at the 82.00 level. The weekly dollar chart pattern is still bullish and in a sloppy consolidation. The weekly resistance levels are 82.00, 83.00, and 84.00.
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