Russell: “On the news that Japan is back in recession, the Central Bank of Japan countered the news with a massive explosion in quantitative easing. On this news, Japan’s yen semi-crashed.
The stock market in the US continues with its bullish progression, a sell signal, little downward follow-through, and then either the Dow or the Transports goes to a new high. Today, with 50 minutes to the close, the Dow is well on its way to recording a new record high.”
GOLD: A Second Reversal To The Upside: We’ve not the computer capabilities to research this properly, but quite honestly we cannot ever recall having seen any commodity … much less gold … trace out two reversals to the upside in this fashion before! This is wildly bullish action and we shall be adding to our Gold/Yen trade this morning as a result. We’ve really no choice.
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