I’m long on the U.S. Dollar by trading in UUP. It’s an ETF that goes long on the U.S. Dollar versus all other major currencies. This is an indirect way of shorting gold with the idea that weakness in gold will lead to strength in the dollar. I’m not going to play this for long, as my stop-loss currently rests at 22.19 while I got in at 22.44 so another percentage drop in the dollar will lead me to getting stopped out.
Also when constructing bollinger bands around UUP’s price history, the U.S. dollar is below the bottom band, which historically speaking has led to a quick bounce but not necessarily a major rally of sorts. So I’m in this ETF to reap a quick profit, not necessarily a large one and to get out while I can.
Here’s the chart on UUP…
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