Nasdaq 2,715.61 +14.59
SP500 1,304.28 +9.17
Large Japanese earthquake and resulting tsunami.
Dollar closed at 76.73, down .51. Considering the turmoil around the world, it appears the US dollar is less of a safety play than years past.
Friday morning gold tested and rejected 1405. Metals dip buyers were in action today. This close above 1400 indicates a consolidation. Friday morning silver tested and rejected 34. Silver had a nearly $2 price range today! The silver shorts had better have been covering today, as this dramatic price swing in silver sets up a possible quick run to $40 is possible. A consolidation in silver is more likely.
Gold resistance is 1422 then 1435. Silver resistance, as demonstrated in the last hour of trading today, is 36 then 36.75.
Equities and commodities sold off before the open Thursday and gapped down in the regular trading session, trapping many who were long.
GLD 138.22 +0.45
SLV 35.03 +0.67
PTM 20.85 +0.17
XLE 75.11 +1.28
XLF 16.54 +0.11
VXX 33.01 -0.91
Barron's magazine this week tries to spin the fact that the Federal Reserve is the largest holder of US government debt.
Completely ignores the Fed:
Treasuries Slip on Japan Fears By RANDALL W. FORSYTH
"Japan is the second-largest holder of Treasury securities, with $882 billion at the end of 2010, following China's $1.16 trillion, according to U.S. Treasury data."
Uses the word "foreign" to exclude the Fed. The actions of the Fed will not be invisible, "foreign" or not:
Stocks Fall 1% on the Week as Momentum Flags By KOPIN TAN
"It doesn't help that Japan, the second-largest foreign buyer of U.S. debt, might now sell a portion of its $1 trillion stash in U.S. bills to help fund reconstruction after its worst earthquake on record."
No comments:
Post a Comment