Like the proverbial bad penny, GE refuses to give up its high rank in the MLR Rotator model. Up another 1.5% today for another new high, GE continues to display solid accumulation behavior. Too bad option premium volatility has gotten kicked in the teeth recently as it takes the fun and relatively easy money out of trading GE.
SPY, IWM, Qs and XLF remain bunched, reflecting the markets broad advance, even at a low volume pace.
On the currency front the Canadian dollar is back in the lead, closely followed by UUP, which became our subject of interest since Friday.
On a % change basis Brazil was the clear leader and may make further gains in the term term as it runs up to the LR30 mean as suggested by the underlying technicals.
The Euro and Pound continue to suffer consolidation pains, with the technicals pointing to likely further weakness in the near term.
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