- Technical Market Commentary -

December 17, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — The PowerShares U.S. Dollar Bullish ETF (UUP – AMEX) is acting like it is ready to rally again. In Early November we wrote that the decline was far overdone and a relief rally was near. Since that analysis, UUP rallied 7 percent. After reaching highs near $23.50 per share, UUP corrected to about $22.80 on heavy volume. That level appears to have held, and UUP looks ready to rally again.

The prior high, at $23.50 per share, is the initial target. If that level is decisively surpassed, UUP has a good shot of reaching $24.24 per share (the August highs), in coming weeks. Putting a sell stop just below $22.75 per share, on a bullish trade, offers an excellent opportunity for strong upside gains with very limited risk.

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Go to http://www.financialwire.net/2010/12/17/prcnt-wnnr-rsrch-16/ for today’s NYSE-AMEX-NASDAQ summary.

The FirstAlert(tm) Morning Digest lists economics calendar events, earnings announcements, financial community conferences, company presentations and more. Go to http://www.financialwire.net/2010/12/17/fa-am-digest-47/ for today’s The FirstAlert(tm) Morning Digest summary.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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