Something interesting happened Monday. The US Dollar sold off nearly 1% to close below 80…and stocks, which had been enjoying a reasonably good trading day, sold off in the last hour of the session.
Even though the Dollar was recovering in the afternoon from the intra-day low, the action strikes me as a bit odd; we’ll be watching to see what comes of this. At first glance it underscores the weekly outlook that market momentum is weakening in the short term.
On a separate note Bank of America shares dropped 2% to finish below the $12.74 entry point. Let’s see where support develops. It may come back to the 50 day just above $12 and fill that gap from last week. A vigorous bounce off that level may finally get me into this stock.