Is the dollar about to rally?
thumb_12.1.09_ici_dx_a0_d_--_us_dollar_indexEquity markets bounced back up to pre-Dubai Thanksgiving levels, but DXY (Dollar index) did not make a new low. The chart clearly shows a descending wedge, which can be a precursor to a turning point. A close above 75.50 would seal it for dollar bulls (wherever they are). Another chart of interest is oil. Today's rejection was right around 78.95, 50% of the oil bull market of 1998/2008. The DOW finally tagged trendline resistance off the 2007 high (see previous article) at 10,501. Bulls will need to press here and not let this one get away, or funds will go back into bonus protection mode.