RECAP: to follow up, I covered my energy short for a slight loss (near flat) the daily suggests follow through for tomorrow.
SPX...as for the general markets, I'm starting to wonder if we're being set-up for another long consolidation (again). Could the markets drive up again tomorrow only to be sold down again...? I wonder, there's no real clear direction...we moved from being excessively oversold, to just neutral - a damned sideways market, one I hate to participating in. -- SIDEWAYS --
XGD...nice recovery, but no heavy buyers, just yet...some of the juniors recovered nicely - Anatolia was on a tear after being punished beyond all reason. I think gold is good to go...accumulation is key, and if I see the same accumulation that I was seeing in energy today I'd be insanely bullish. -- tentatively bullish --
US$...is in an uptrend -- bullish --
XEG...I hate to say it, -- bullish --
C$...working its way through a symmetrical triangle - another sideways consolidation - with US$ strength suggesting a recovery, will it take the C$ with it...? Will the C$ react positively to the money that's now flowing into the energy markets...? I'm thinking that the C$ will maintain a 20% discount to the US$ - this will dramatically help the oilsand producers - so a C$/US$ trade will be pointless because of bank policy. -- SIDEWAYS --
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