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Dollar Slipping, Risk Assets Held Support

The US Dollar fell overnight in all major pair trades except Yen; the Dollar index is coming back toward the 50 day SMA at 78.47. Let's see if it holds. Most major domestic and foreign equity indexes and CRB held their 50 day SMAs - the notable exception being the BRICs and specifically China. So far this looks positive for equity and commodity bulls. We expected risk assets to consolidate after the breakout, and to find support at the 50 day. As of the moment, it seems to be playing out according to expectations.

On a separate note, the 30 year Treasury bond price appears to have found support at the 200 day SMA, which it approached on Tuesday.

Disclosure: No stocks mentioned