The ETF Professor finds the prospect of legitimate dollar strength, at least in the near-term, to be somewhat dubious. That said, it's hard to ignore what's going with the PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP). UUP has outperformed the CurrencyShares Euro Trust (NYSE: FXE) over the past five days and volume in UUP has been on the upswing, perhaps lending some legitimacy to the rally.

In fact, UUP traded more than triple its daily average on Wednesday. Year-to-date the ETF is down almost 8%, but if you're bullish on the dollar, this is the ETF to be bullish on.

Is the U.S. dollar really getting stronger? The ETF Professor questions the long-term viability of such a proposition, but there may be some near-term weakness in the euro and the chart of the Currency Shares Euro Trust ETF (NYSE: FXE) shows a definite failure for the ETF at $150 corresponding to the underlying currency's failure at $1.50.