by Dan Norcini
Trader Dan
A late session surge in the US Dollar index sent it climbing and closing above the 98 level for the fist time since late February/early March.
The index looks to be on track for a run at the March highs between 98.40-98.60.
The setback in price yesterday proved to be a one day affair with eager buyers coming in to snap it up on the dip lower.
What really has my attention is the fact that the hedge funds were still NET SHORT the dollar through Tuesday of this week. That is rather remarkable given the chart pattern.