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- Technical Market Commentary -

October 28, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — The PowerShares U.S. Dollar ETF (AMEX: UUP) is acting like it is ready to rally.

Back in March of 2008, UUP reached lows of $22.00 per share. In November 2009 UUP reached lows of $22.02 per share. Then, onn Friday, October 15, 2010, UUP reached a low of $22.17 per share — a level that has stopped all declines for three years — and every time it does so, it becomes a stronger support level.

Also on Friday, October 15, UUP had a bullish outside reversal day, which is a pattern typically forecasting that a change in trend either has occurred or is imminent. In addition, since October 15 volume has doubled and has remained high.

UUP rallied through October 19 and then sold off, but to a higher low. UUP wass again rallying and on Wednesday, October 27, and it did so on triple the normal volume.

Putting a sell stop just below $22.00 per share, a bullish trade offers an excellent opportunity for strong upside gains.

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Go to http://www.financialwire.net/2010/10/28/prcnt-wnnr-rsrch-5/ for today’s NYSE-AMEX-NASDAQ summary.

The FirstAlert(tm) Morning Digest lists economics calendar events, earnings announcements, financial community conferences, company presentations and more. Go to http://www.financialwire.net/2010/10/28/fa-am-digest-20/ for today’s The FirstAlert(tm) Morning Digest summary.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

(Go to http://www.financialwire.net/?s=drtjby to see more commentaries by Dr. Joe Duarte, and go to http://www.financialwire.net/2010/05/01/about-duarte/ for more about Dr. Duarte.)

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