Gold was up today to $978.70. Up today $5.00.
Dow was down today to 10,962.54. Down today 92.65.
Lots of big meaningful information out on Wednesday
The Plunge Protection Team probably cannot stop what is going to happen in the next 10 days. The dramatic downward day we will see, and the a dead cat bounce, bear market short term rally, or a short term trend reversal. Whatever you call it, this leg down will come to an end. At that time we will revisit the level of either 11400, 11700, or 12100 we think. If I had to pick one level more than the others, I like 11400 for the top of the next part of the infamous range trade.
Oil showed some weakness today, but with the hurricane season here, Nigeria still under siege with committed rebels, and Israel and Iran in the background, and current levels of demand/supply, oil still has room to move higher in the next 1-3 months.
Gold to me is surprisingly low considering the situation of dollar destructiveness, and the US having to pick a road to walk on when it comes to driving the economy in the ground or keeping rates low and suffering higher commodity prices. 1300-1500 in gold does not seem like a far stretch.
Here is 8 Minutes of Mr.Commodity, Jim Rogers. Brilliant gentleman that lets you know up front what is on his mind.
Good Fortune from Trade-Equity !!!
