The Color of Money

Headed into another batch of earnings tonight and the jobs number tomorrow morning, equities are mixed. The drift higher this morning turned into a drift lower in the afternoon, with retail and transports the notable laggards weighing down bulls. 

Biotech did reverse well off the IBB XBI lows. But as we saw earlier in the week bulls are going to need to cement some meaningful upside follow-through to resume the, overall, counter-trend rally since winter. 

But with respect to miners and most commodities, it is the color of money which seems to matter most, short-term. 

Specifically, green, as in the greenback. 

The U.S. Dollar ETF, updated below on the daily chart, continues to follow-through higher off the textbook reversal candlestick with volume we discussed earlier in the week. As long as UUP continues to bounce, it is likely correct to not become too presumptuous in assuming miners will bottom right here, right now.