As the mighty Hudson River swelled and unleashed its fury on the Jersey Shore – so too it appears that The U.S Federal Reserves “flood of dollars” is set to break the levees in global markets.
The dollar looks to continue its turn downward – and this gorilla is calling for rain……………..”golden rain”!
Overnight gold has popped 8 or 9 bucks and is certainly looking ready for a fast break to the upside.
My accounts as well popped an additional 2% – and (if you can believe it) have already taken profits – looking to re enter here mid day / this afternoon after the usual “morning shenanigans” play out.
I never EVER worry about missing a trade after taking profits and looking to re enter in that:
- One has to be thankful when things go their way so early on.
- It always feels “amazing” sitting 100% in cash (especially when there is more of it than the day before.)
- There are a million trades – and no “train is gonna leave the station” in a 24 hour period – without a large percentage of retracement / opportunity to jump back on board.
Things are looking good across the board for continued “Risk On” in markets – and the same strategy is currently in play – Short the U.S Dollar and Yen against the Commods – as well long n strong EUR/JPY.
I might pick up another couple pairs here today (long GBP/JPY,CHF/JPY) with small orders and wide stops as these can rip your head off without a moments notice.
Kong – I still think we will just see a bounce & a final leg down in the PM & one final leg up for the buck before making it’s turn… just my 2cents…. however your knoledge of currency is more extensive then mine….
As I am back in cash – I welcome it!
I have been itching to pull the trigger in the gold sector – and would be thrilled to see things take another dip lower. As it stands….the currency markets are most certainly looking at “further dollar weakness” – but nailing it down to a single day – well……..not likely.
I see gaps up / down all over the place in GDX – and still keep hoping its got another dip lower in it – but once again here this morning – looking very strong. Hey…..you cant win if you dont buy a ticket right? I will have to dip my toes in here soon – very soon.
Looks to be stuck currently – I could be wrong… would not be the first time…. I am waiitng for limit orders to fill on ACI….