I Just Want My Monies Back, IRX Sinks
Believe it or not there is a flight to safety going on right now! Folks are buying up the 13 week Tbill (IRX). Folks are saying, 'I dont care about the return on my monies, I just want my monies returned'.
There is fear in the market by some, just as the SPY makes new two year highs. Could folks be worried about the end of QE2, inflation, the effect of a rate rise on the USA Fed balance sheet? To us its saying, folks are not buying stocks until they come off 15% at least, chasing the current stock market rally is a fools game.
Its a crazy man who makes this call: US dollar up, stocks, metals and oil down.
Post Reference: This SP500 chart is NOT pretty - UPDATE
NO signs yet, there are some volume spikes in the UUP telling us that a few $50 million dollar bets for a dollar rally. Need more that that, the UUP had massive volume spikes prior the two previous $USD short term rallies, this time will be no different.
Keep your stops tight..the next three months should be rock and roll, 'Sell in May' and all that! Will May 2011 mirror May 2010, the IRX thinks so!