Somewhere, deep in the heart of financial district of NYC, a chain-smoking, gruff-voiced, profanity-spewing Wicked Witch is humming this tune:
Oh, and if you haven't seen her latest "update", you can catch it here:
Before we get to the PMs. we must take a look at the USDX. It is truly at a critical point. First take a look at this daily chart. 76.17 needs to hold as support but the dropoff is so steep, it makes it difficult to believe that it will.
Let's hope a sweet, little FUBM forms over the course of the morning. I've got lasts of 1438, 36.34 and 105.66. Its going to be a crazy day and a wild week. I hope you're ready. TF
ps This might give you a few laughs...
11:30 EST UPDATE:
Clearly, the machines have decided that today is a "risk off" day. Copper, the grains and stocks are all down quite a bit. Given the circumstances, the strength in the PMs is quite telling. Just wait until tomorrow when it will, inevitably, be "risk on" once again.
As we plow along, I'd like to see silver close above $36 and gold above $1430.