Later on today we are going to hear from the federal reserve regarding monetary policy, and I expect that Janet Yellen will maintain a somewhat dovish tone however I also believe that whatever she says has the potential to spark a short term bounce higher with regard to the US dollar.
It is certainly no secret that the US dollar has been in a screaming downtrend, (hitting a 13 month low last week), and at this point the dollar may be somewhat over-sold.
What I am watching specifically is ticker UUP, (dollar bullish ETF), looking for and waiting for a potential bounce higher. Remember, although the dollar fall is not over in my opinion, we can still capitalize on short term "bounces."
What I want for us to do is look for an opportunity, again short-term, to capitalize on a potential dollar bounce.
If and when I decide to pounce on ticker UUP, I will post it to my website Traderschoice.net (click here: https://www.traderschoice.net/money-page--stock-picks.html ) for all of us to rip it's face off...
Happy hunting my Lions!
Gregory Mannarino @marketreport
