Foolish Chaos

Let the games begin. Oh Ben, what are guys going to do next? Taper QE, this is the story of the day. The chaos caused with the testimony of Ben Bernanke today and then the FED minutes from their last meeting just goes to show how messed up the financial markets truly are. Talk is cheap and again I call HOGWASH. The day started with Bernanke's bearish testimony and the US dollar sells off with reckless abandon, Gold soars above $1400, and the Dow Jones shoots almost 200 points higher from his opening comments. Then the markets get spooked that Bernanke does not discard that the tapering of QE will be discussed at the upcoming FOMC meetings. The currencies and Gold turned at the drop of a dime, with the dollar reversing from 8350 up to new highs almost 100 pips higher and Gold plummeting $40 off the highs within minutes. Can you say WHIPSAW? So you want to trade futures? Days like today are not for the faint of heart!

So, the markets settled down for a few hours and the Stock market was actually maintaining most of its gains until we get the release of the FED minutes at 2:00. Here is the gist of what the minutes had to offer
"A number of participants expressed willingness to adjust the flow of purchases downward as early as the June meeting if the economic information received by that time showed evidence of sufficiently strong and sustained growth; however, views differed about what evidence would be necessary and the likelihood of that outcome."

This really gets the chaos rolling, sending the dollar higher, gold lower and even stocks more than 100 points in the red. In my opinion this is absolute foolishness, have you seen the latest economic numbers coming out of the United States? I am not going to dwell on the negativity, but if you have been following me, you know where I am coming from! Strong & sustained growth, come on now!

Lets look at some hourly charts to view the chaos from this day and you try to make sense of it all.
To that I say Good Luck
Please just click on the chart and please view them all

Trying to figure out what is going to happen next, is almost like trying to guess what # is going to come out next on the roulette table. The markets are so intervened with right now, it has become a joke. I will say this again, It is going to end badly for the United States, stocks will crash, along with the US dollar and Gold will end the day much much higher!

Short term, your guess is as good as mine!