Since the equity market topped a few weeks ago, bears have been going around the room taking turns punching various assets in the face.
It started with equities and moved into Bitcoin which was rejected at $12,000 and promptly collapsed into support around $10,500.
Then it was oil’s turn, which three weeks ago broke down below $40 Brent Crude for the first time since May.
The music finally stopped for copper, gold, silver and the euro. All of them got bushwhacked like they were old people wearing a MAGA hat in Portland this week.
All of this occurred because the U.S. dollar first stopped falling and then had the temerity to put in a weak rally. The USDX, as flawed a measure as anything coming out of pollsters or the BLS, popped off its recent lows to break out definitively above 94.