from TF Metals Report:
There’s a lot going on and I’m diligently trying to connect all of the dots.
In fact, there are so many dots to connect, I don’t know where to start. I guess we’ll start with price. Surprise, surprise! The Bernank tipped his hand yesterday regarding QE∞ and really moved the markets. Stocks, bonds, the metals…nearly everything has rallied. The only victim was The Pig, which immediately fell over 2 points, which is an historic, monstrously large move. I don’t ever recall seeing a POSX move of that size before. Amazing!
The metals have rallied but the shorts remain in firm control, at least for now. We got a bit of a panic squeeze in the afterhours late yesterday but, once London opened, things we’re jammed back down. (Why anyone in their right mind buys gold futures between midnight and 2:00 am NY time is beyond me.) The charts look better and it’s always nice to see some green on the screen but don’t go getting carried away just yet. Momentarily clearing $1300 and $20 is nice but we really need at least $1350 and $21 before we can begin to get excited. Until then, just keep stacking your physical, a little bit at a time. For example, I ordered 50 ASEs late Tuesday. Glad I did!
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