Shell-Shocked U.S. Dollar Fighting to Survive

It has been a rough summer for the greenback, as plenty of price weakness versus most global major currencies combined with souring sentiment and calls for the eventual demise of the U.S. Dollar as the world's reserve currency seem to have rendered it punch drunk. 

To add insult to injury, our esteemed Fed Chair, Jay Powell, waged a kind of monetary jihad last week via his virtual Jackson Hole sermon, essentially saying the Dollar be darned, he was perfectly fine with an asset bubble and varying degrees of inflation. 

It is no wonder that the notion of being bullish on the Dollar seems like something only a dinosaur would do these days. And with the likes of ZM up roughly 40% as I write this amid another festive day in the Nasdaq, who am I to quibble with those party-goers? 

Alas, the Dollar is at least putting up a fight this morning, with the Euro/Dollar cross pausing just as it tried to sustain a base breakout (meaning the Dollar firmed up). Going forward, the Dollar is still one of the better tells, strong or weak, as far as being inversely correlated to the tech party and the general risk-on vibe, particularly in the Nasdaq. 

Speaking of wings (as per the photos above), WING remains one of the very best restaurant charts, seen on the daily below, in what is becoming a stronger sector of late. Sadly, the bull case is likely centered around increased market share from so many closely-held (mom and pop) restaurants going out of business or headed there soon.