Tuesday, January 04, 2011

Bye Bye Blackbird?

Gold ended the day down 2.41%, with silver even worse at a negative 3.02% on the day. Whether or not this will be a meaningful pullback ahead and a clue that the dollar is once again ready to move up remains to be seen, but as discussed for the past few days, the possibility of margin calls on these PMs could prove fruitful for shorts. We'll see. There are several valid arguments fundamentally and cyclically in both directions here and I'm thinking we're too early into the year to really know much at all. I *do* think if there is any panic selling, this will be the place we'll see it.  There was an obvious risk-off trade happening today, but if that translates into a nice pullback for the INDU or SPX is up for grabs.  SPY ended with an inside candle on nice volume, for what it’s worth.

Just a few charts, and many, many thanks to everyone who keep the plates spinning on the blog each day.  Best to you all tomorrow and beyond. 


bdi_12_4 iwm_12_4 

hg_12_4 yg_12_4

Meanwhile.. what’s the deal with the Blackbirds?  O_o


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