we'll talk to boris schlossberg next. >>> welcome back to "worldwide exchange."ng us to talk about the wall street setup, boris schlossberg managing director and cnbc contributor. boris, glad to have you. the dollar is the story for stocks, bonds, commodity its, is that right right, is the dollar leading the charge right now? >> dollar is leading the charge. if mc sentiment communicated very hard that the fed wants to move in june. all of that has been corroborated not just by the minutes bus that they want to move towards normalization in june. the shift in the dollar has been pretty significant. it's going to have fallout effects in my opinion. >> boris, why hasn't been more fallout effect information europe? or is it responding to data? >> you know, it's interesting, the euro has gotten weaker in the currency market division but there's a response the euro below 112 as we speak. so there has been an impact there. as far as equities they're celebrating because going to make them more competitive because the re-evaluation of the dollar is going to make the europ

let's discuss with the trading nation team, craig johnson with piper jaffrey and boris schlossberg isth bk asset management. craig, you're charting the energy etf. what does the chart tell you? >> michelle, when you look at the etf here on the xle, from my perspective we're starting to reverse a longer-term downtrend, a downtrend that's been in place since 2014 and for us this kind of downtrend reversal in combination with moving above 50% on the rsri suggests that a trend change is starting to happen. also pretty interesting that in our work that we do, total return and relative strength work, this is the first time in about five years we've actually started to see improvement in that work and in this fact morning we went from the u.n. weight to neutral on the technical tools for the first time since 2011. again, good things are really starting to happen here in the energy sector, and it looks like perhaps there's more room for the energy stocks to work. >> what do you think of what craig just said when it comes to the fundamentals? were rewitnessing the end of the commodity bottom,

boris schlossberg. managing director and a cnbc contribut contributor.believe it will be june or july. >> she did not say no. usually she is the biggest dove in the room and always pours cold water over any expectations. she didn't do that this time. i think it's because they have to do something to gain credibility back. they've been backing off the whole idea of hiking rates for so long that, if they do it again, it will destroy their credibility going forward. >> is it already in the foreign exchange markets? >> not yet. i am surprised at how little fed funds are pricing in the project of june. the markets still remain skeptical about this. >> after they do it, does the euro go to 108 or 114. >> i think it has a chance of going down to 110, 110, 108. >> it's not in it yet. >> no. i think yen could bust out above 112. there is room to scope. the thing about the rate hike, why the market is not uber-bullish is because i think it will be one and done and they'll wait -- if they do this. they'll do now and wait until december to figure out what to do next