Other markets were more exciting than the stock market last week. Between 11 AM and 1PM on Thursday, the dollar took a precipitous slide, falling 3% to the Japanese Yen and 2% on gold. Gold fell back, but the dollar never regained its losses, falling 2% on the week, erasing 3 months of gains against the Euro and Yen. This is unfortunate for our investment in UUP. It strengthened against the Indian Rupee and other developing currencies. The reason for the drop was the speculation about whether the Fed will tighten.
Disclosure: I am long UUP.
Additional disclosure: I also own gold.