Bigworld, Looks like gold finally hit some profit taking today, after reaching ~ 2450 intraday. Meanwhile the US dollar has also been surging over the last 3 days, so an unusual combination with both gold and the dollar climbing together. I figure some of the dollar strength is from the Fed delaying % rate cuts, plus dollar demand coming from people leaving the stock market.
Fwiw, I lowered my stock allocation from 28% to 20% today, but might still be on the high side. 15% could make more sense, but I'd first like to see if the S+P 500 holds at its 50 MA support. The DJIA and Russell both fell through their 50 MAs this week, but the Nasdaq is still above its 50 MA, and the S+P 500 is testing its today.
What worries me the most are the geopolitical landmines. It appears the various globalist factions may now be in agreement on an even more aggressive 'war brinksmanship' approach for dealing with Russia, Iran, etc. It's a lot safer to have these US/West foreign policy people at loggerheads with each other. Better to have relative gridlock to provide a check / balance on the lunacies of both sides, since these idiots could bumble us right into WW 3.
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