The market is moving back and forth around the flatline in early trade.  Although the market environment seems bullish for the US Dollar longer term, the dollar appears overbought short term.  If the dollar does indeed retrace, even in the short term, the market will have some fuel to move higher.

So which is it?  What's driving the market, Greece or the Dollar?  Well, in an effort to be politically correct (for a change) it's both.  The overseas markets were higher last night based on more details from the Friday rumor of a bailout of sorts by the EU for Greece.  Further details emerged this morning which caused an already higher market to rocket to the upside once again.  In watching the charts, the market is still moving perfectly in step (although in an inverse fashion) with the US Dollar.  The reason for the answer of "both" above, is because today

At the time of this post, the market is floating around the flat line as traders are waiting to see what the next move is following the big Friday reversal.  Right around 2pm on Friday (coincidentally also at a support level) a rumour began to circulate on the trading floor that a bailout package of sorts was going to be offerred to Greece from the EU.  Almost instantly, the market began to reverse to the upside.  The bulls would like to see more follow through today to show it was an actual tradeable reversal.  Thus far however, it appears the Friday rally may have

As mentioned in the last few days and although seemingly forgotten by the market pundits, as goes the US Dollar, so goes the market.  The market spiked higher at the open and then the dollar took off to the upside as well.  That move in the dollar sent the market lower instantly.  In addition to the resistance levels from last nights blog, we are closely monitoring the dollar.