The markets have negated almost the entire move from yesterday as the SPDR S&P 500 ETF (NYSE:SPY) trades at $118.26, +1.53 (+1.31%). The U.S. Dollar has fallen sharply, negating almost the entire move up from yesterday. Note how these two are inverse to each other. Market up, Dollar down, market down, Dollar up. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $22.39, -0.31 (-1.37%).
Commodity stocks are leading the charge on the weak Dollar. Chevron Corporation (NYSE:CVX) is trading at $84.39, +1.60 (+1.93%) while Exxon Mobil Corporation (NYSE:XOM) is trading at $66.18, +1.06 (+1.63%). Transports are also leading the market on the back of solid earnings from The Boeing Company (NYSE:BA) and various airlines. The one day drop yesterday was isolated and called by InTheMoneyStocks due to the fact that the Federal Reserve was not going to change their weak, kill the Dollar policy on China. Sure enough, it was a dead on call.
