Euro plummeted early this morning with gold, then rallied
well almost 90% of the sell off. It then chopped rather wildly
sideways and has not made another high to exceed the high
reached at 1.4241 before this morning's plummet.
Currently it's at 1.4177 in a very tight trading range.
Yen has been in a decending trend for weeks and went even
lower this morning with gold and the Euro and rallied in
a similar fashion. A cheap Yen allows the carry trade to continue.
Dow has managed to maintain near the 8760 level basis the June
contract, which is the front month which I always quote, not spot.
Dow was up on the day, but not in the larger sense. It is capped
at about 8760. This may be the end of the bear rally.
Oil managed a new high at 69.60 basis July Oil, the front month.
It closed lower, but still is up about $5 since Wednesday.
Oil and gold both go up as the dollar goes down to compensate for
the value lost as they both trade using the dollar, but that is soon
to come to an end in major markets as other countries move to
the Euro and other currencies to be rid of the increasingly inflated
to worthlessness dollar.
