The markets again dropped sharply, slammed by a rising Dollar after Chief Market Strategists at InTheMoneyStocks called a turn date last week. Their turn date, based on proprietary techniques has an accuracy record of 85-90%. Since the top last Tuesday on the SPDR S&P 500 ETF (NYSE:SPY) at $122.95, the markets have tumbled, bottoming today at $117.75. They alerted to a possible 5% correction, today at the lows, the market was down 4.25%. While the cycle date was nailed, the markets corrected based on many factors. Everything from an overbought market to a rising Dollar and problems in Europe have contributed.
The Dollar continues to soar because of major issues in Ireland which are crushing the Euro. The CurrencyShares Euro Trust (NYSE:FXE) is trading at $134.42, -0.76 (-0.56%) while the PowerShares DB US Dollar Index Bullish (NYSE:UUP) is $22.92, +0.13 (+0.57%). Volume is also extremely strong today.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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