Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

George...

Gold was a bit of a surprise given the equities, but I said yesterday that the fact that the commercial short interest was up yet all of them were underwater (first time that I can remember) made me think that a short squeeze might be coming. I think that is exactly what happened today.

I have not read Roach, but I would agree with him that it is unlikely that even concerted efforts by the world central banks is unlikely to turn things around - monetary policy just does not address the problems.

As for the rally, I continue to believe that it cannot get very far (not to new highs) and that the market will be unable to rally much at all without support and aid, which it is getting today.

mlsoft