4 days of big stuff.... Royal Weddings, Silver crashes, Terrorist Hunting, Birth Certificate Finding and and the Magic lost in the first round. Phoooy! Oh ya, and the US Department of Energy's Energy Information Agency (EIA) has de-funded the office that collects data on oil production outside the USA - that is, in places like Saudi Arabia, Nigeria, Venezuela, Mexico, et. al.,. Better not to know than to spend anytime worrying!
I spent most of Monday on the phone with a couple of English speaking technicians from India, trying to solve a network and software issue.... They say it is complicated (Duh!) and they will have a work-around by Thursday. I hope.
Apparently, the disposal of OBL has not worked to quiet tensions in the MENA, as the price of oil slide only a few cents, with oil trading slightly lower this morning at 112.43 and Brent lower at 123.77. Gold is getting hit again today, trading down at 1539, while Silver is trading off at 43.30. Copper is also lower, and trading below resistance. The rest of the commodity complex is mixed, with Sugar leading on the upside and Soybeans leading the decliners.
The Euro is off a little bit, trading 1.481 while the Dollar enjoys a little rally, trading 73.09. I noticed the Yen was very strong this morning against the Dollar, trading 80.85. That is near the level achieved upon the chaos after the Nuke plant catastrophe, yet I have not seen any comment about it at the compilers that I read.
The debt market continues to perform well, with the 10 year Note 1/8 higher at 3.262 and the long Bond 1/4 higher at 4.366. The bond market continues to warn that Mr Market may be heading for a dip.
The Proprietary Momentum Change indicators continue to hold the Buy signal generated 4/20. In my caution, I missed the first leg of this rally, but now with the pull back occurring today, and any weakness in the next day or two should give me an opportunity get long somewhere around the neck line of the much discussed IHS.
Best To Your Trading!
Bill
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