Thursday, March 21, 2013

Straight Talk

No charts today, just my humble opinion. Why try and make sense of the craziest things we see in the markets today. The Japanese Yen gets bought as a safe haven and the move in Gold this week is simply minimal to say the least. You can read that sentence again and really think how these markets are behaving, plain silly, if you ask me! I mentioned to start the week that I was disappointed with GOLD because I felt it should have been up $50 on Monday alone and the fact is, we have not really moved much higher than the open on Sunday night in Asia. All I can think of is the fact that Gold options for April will expire next week, I believe on Wednesday. Just keep that in mind if we do not get above 1620 and hold, if this does not happen, I would not be surprised to see Gold lower by mid week.

I do realize that the Aussie had an exceptional day today and the CAD as well but the LOONIE, as it is called, coughed up most of its gains with the fall in stocks.I cannot explain the move in the AUSSIE today, all I know from my experience is that when bad news comes out and global stocks collapse, I have seen the AUSSIE drop hundreds of pips in a very short period of time. All I can say is, if you are trading in the currencies currently-USE CAUTION!

Is this the start of something in STOCKS or will it turn out to be just another short term blip? Tomorrow should be a telling day to end the week for US Stocks, Gold and Silver which did finally pop above 29 today. You know I have said all week that this Cyprus ordeal is much bigger than what we are being told and it will have lasting effects on the markets. Please take the time to read this article.
http://www.bloomberg.com/news/2013-03-21/cyprus-may-become-europe-s-lehman-billionaire-potanin-says.html

Be Safe- Be Strong
Great weekend to all!
Martin

No comments:

Post a Comment