Keep an eye on the almighty dollar here. A strong dollar means lower oil prices. Lower oil means lower stock prices. $UUP, the ETF that tracks the dollar, finally saw a positive day on heavy volume, and oil is rolling over.
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Looking at the NASDAQ Composite index, we are back below the trendline that stems from 2009 (green line). The bulls need this area to hold or expect the speed of the market to pick up, and quick. I would like to see the 100 day moving average, the last line of defense, hold for the bulls.
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My book is light, and my activity will continue to be light here. Here is your momentum, with $LABD (short biotech) leading the way.
