Oh, Europe Again?

Last week I saw a headline that grabbed me Euro Unstoppable. I have referred to the crisis in Europe but I have not included the Euro currency in my commentary. The euro was on an upward trajectory just like the stock market for the past few weeks. On Friday it traded above 137 and was down today to almost 135 today. Again I will remind you before you read about it or hear it on financial television, Europe has deep rooted problems and those same deep rooted DEBT problems are worse in this country of ours! If you care to see, I have a chart of the Euro below and you can see why the Dow Jones fell from the 14000 level to start the week.

Today could not have gone much better for me. The Dow closed down 129 points and Gold had a decent day finishing @ 1675. I have a feeling Gold and Silver are going to have some shiny days ahead. I will post charts on both metals tomorrow to show you the wedges that are going to broken any day now, may even happen tomorrow. I am encouraged with the action today being that equities were negative and Gold showed nice strength. Let's see if this continues and gathers some momentum for a change!

This week, I will be giving my attention to the Australian Central Bank and the European Central Bank. Australia's Bank meets this evening, EST and the ECB meets on Thursday morning. The weakness in the Aussie last week may have been due to market participants leaning toward the bank making an interest rate cut- I disagree and will be ready to trade in a few hours. I will watch the Euro to see if we fall much further than 135-there seems to be support visible near 134.

I am not trying to scare anyone, please look at the headlines today. If the stock market does go down from where it is and IF we get another crash, there are many different terrible things out there that the average person really has no idea. I am not predicting a near term disaster but I see what's going on and would like to help as many people I can. With all that said, Gold offers you an alternative and as JIM SINCLAIR always preaches, GOLD IS YOUR INSURANCE.

I'll be back tomorrow with charts on Gold and Silver.

Remember, Europe is still in a crisis and THE UNITED STATES is actually in worse shape. Protect yourselves with Gold & Silver!

Good Night