It’s no big secret that summer is my least favorite season here at the lair, as many of our regulars are on vacation and equities usually settle into a sideways volatile trading range. Central banks are also on their summer break and that means the primary market driver of the past decade remains absent until the leaves (and sometimes stock markets) are beginning to drop. So in terms of seasonality we are not exactly in the most exciting time of the year, which by the way is completely in line with historical precedence:

There doesn’t seem to be any bottom for the Dollar right now. Suffice it to say that I am not amused and the way this is going I’ll have to raise my Gold subscriptions from $49 to $49,000 by the end of the summer. Better lock in that low rate before we hit hyperinflation and wind up shopping with wheelbarrows full of credit cards! Anyway, if you’re elated about your long positions in pretty much anything but Dollar denominated FX pairs right now then think again, because all you’re really doing is to offset what you are rapidly losing in purchasing power.

Apparently Ozzy was right, there’s no rest for the wicked. It’s been an awesome Christmas season thus far and there appears to be no stopping the current equities rally. After an obligatory down session prices are pushing higher yet again and I’m actually considering a re-entry on a small dip lower today: