Another Day AT the Office

Up-Down-Whipsaw, what more can you say? Below is one chart, five minute Gold for the day. All you need is a pencil and a ruler and you could be a successful trader, hahahaha. I used to get mad when people would say it is like gambling, but when you see this stuff, how could you argue? Take a look at today's GOLD market action.

After doing this for so long, sometimes you must trust your gut,  I feel like I made money by not being in the market and not trying to do too much. The ECB is out of the way and Draghi's press conference sure helped move the markets. I posted the morning prices at 8:00 EST with a purpose, I wanted to post the same markets at 4:00 EST and show the difference. There was rollercoaster action in all the markets today. The Dow was down over 125 points this morning but managed to only close down about 45 points. Here is a list of the prices from 4:00 Dow 13895
                                                                                             Gold    1672
                                                                                           Silver     3149
                                                                                              Oil       9580
The biggest loser of the day is THE                                   Euro     13402 OUCH!

Ok, as I feared yesterday, the dollar had one heck of a rally.Check it out with this hourly chart.

Now the question is, can it keep going? I will post a daily chart on the dollar tomorrow morning and show you what I see. As for now I do not see it going much higher, any market needs momentum to keep going, as long as the Fed is going to keep printing $85 billion per month to suppress interest rates and keep the stock market from imploding- the US Dollar will have a hard time rallying!

As far as the metals go, I am not crazy about the way they drifted lower towards the end of the day. If you are trading, you have to be careful of the BAD GUYS running for the stops especially in Silver.
Any moves lower should not last long. Watch 1640 in Gold and 3120 in Silver. I'm a buyer but I at least know how much downside to look for. BE CAREFUL

Out of Asia tonight we will get Chinese trade data, which I am sure will be a market mover and then Canada will release its employment # at 7:30 EST tomorrow morning. After that I look to enjoy the weekend and I hope you all do to. If your in the Blizzard, be safe & stay warm!

My head is still spinning-Good night!