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Dr. Kris
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Dr. Kris hails from the land o' lakes, beer, bratwurst, and Bucky Badger. She traded in her cheese hat for a propeller beanie and has never looked back. She has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her... More
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  • Intraday Market Notes: Coffee Jitters -- November 5 0 comments
    Nov 5, 2012 8:25 PM | about stocks: UUP, UDN, JO

    4:00 pm ET: The presidential election is definitely weighing on the market today as both price and volume action remains muted. The fact that the election race is still too close to call is reflected by the jump in the VIX, a measure of uncertainty. We'll likely see similar market action tomorrow and it's anyones guess where it will go on Wednesday. In this regard, I would stay out completely until we know for sure who the next President will be.

    It was noted here on Friday that the bear US dollar etf (NYSEARCA:UDN) broke support suggesting a continued rise in the greenback. We got confirmation of that move today with the bull US dollar etf (NYSEARCA:UUP) breaking $21 resistance. A greenback shift into rally mode would indicate a further unwinding in the risk-on trade meaning that we may not see a floor form under gold or other commodities for a while.

    Speaking of commodities, though many have been sliding for the past several months very few have suffered as much as joltin' joe. The coffee etf (NYSEARCA:JO) is hitting a multi-year low and is off over 55% since its spring 2011 high of $80. Be that as it may, those fancy java juices served up by Starbuck's (NASDAQ:SBUX) and their ilk haven't been treated to any price reductions. Why will consumers stand for it at here when they would be revolting en masse at the gas pump? Some food for thought...

    Note to Subscribers: There is one new Stock Darling and the writeup for Friday's Stock of the Day will appear today. (I'm trying to fashion an article out of it.)

    Stocks: UUP, UDN, JO
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