The end of the Great Keynesian Experiment is upon us. Prepare accordingly.
Tuesday, March 29, 2011
A Positive Development
Take a look at this 30-minute May crude chart:
As you all know, the metals (particularly gold), have been following almost every UP and down tick in crude for about the past month. Note the similarity of the crude 30-minute chart to the gold and silver 30-minute charts I posted earlier. But here's the catch...note that crude has broken the downward trend line and is clearly above it. IF this can hold...and, so far, crude is already about 60 cents off its highs...you will see the metals follow through this afternoon, regardless of the EE price-capping action we've seen the past two days.
So, watch crude very closely this afternoon. I now have a last of 104.13. Nuts. It will need to find buyers at 104 or so and then move toward 105 to bring the metals higher. TF