Well, we didn't get the "mean reversion" that I had hoped for yesterday but, shit, if you'd told me at about 7:00 this morning that we'd close back above 1365 and 28.50, I'd have kissed ya. Not a great day but, by no means was it a disaster, either.
One quick point of order, I clearly ascribe a lot of PM price movements to the intervention of the dreaded Evil Empire. However, be careful not to assume they are behind every trade. The majority of the time, the EE simply sets things in motion. They clearly did this back on Monday afternoon and again Tuesday morning. As usual, they have achieved their desired effect. Yesterday and today, however, have been all about the hedgies and algos trading off of movements in the USDX. There is good news on that front in that the March USDX is still in its range. Its through the 81.20 level but no one should be thinking about a sustainable dollar rally until/unless it moves through 82. Since I can't see that happening, the $ should next begin dropping back toward the center of the range (back under 80) and that will certainly provide some help for our PMs.
Lastly, this blog is growing quickly and I recognize its not about me, its about you. The quality of content in the comments is simply outstanding. Thanks to you all!
You're not an internet phenomenon until you've taken something viral so, in that theme, I submit this video. It was sent to me via email by a reader who asked me to post it. Here you go. Let's watch the "total views" for the video over the weekend. Currently, its at about 1600.
More hopefully later. TF