We have the dollar selling off significantly today and we haven't had much traction to the downside. We are selling off again now but we're only down 4 points from yesterday's close. It looks like this trend will last longer than I expected. I thought we could ramp into the Fed meeting and then selloff and form a huge top. But the lack of overt bullishness despite going up nearly every day for over 6 weeks has me second guessing that outlook.
As I write, crude oil is dumping huge on the dollar suddenly finding buyers. The dollar is the lynch pin for everything. A dollar rallying for more than a couple of days will have huge negative ramifications for this market.
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