A Trump Card for Dollar Bulls

Considering the U.S. Dollar is finally coming in a bit today, commodities are not staging a particularly impressive bounce across the board. True, the GDX, senior ETF for gold miners, is up 4.5% as I write this. But miners have effectively staged a swoon of late, and they should, frankly, be up by more than 10% for even a sharp bear market rally.

The XLE, ETF for energy stocks, could not hold $72, a level I noted for Members of the Market Chess Subscription Services in real-time the morning on the private Twitter feed as being an important diving line for even a modest snapback rally. Headed into the afternoon, I would still key off that level (and then $72.20) to see if bulls can regain their footing for a modest bounce. 

But perhaps the larger point is that with commodities not showing signs of a durable bottom yet, let alone even a short-lived, monstrous snapback rally today, it likely bodes well for Dollar bulls going forward. 

With this in mind, I am going to walk Members through a new trade idea related to this thesis in my usual Midday Video, filming now.