Our previous gold campaign ended yesterday and so did yours if you followed my advice to advance your trailing stop to somewhere below 1355. However if you did not you then may want to check your trading account as the non-farm payroll numbers just dragged it to the woodshed for an extended session of rectal probing.
What a glorious day for Britain and anyone among you who continues to believe in the ideas of liberty, freedom, and sovereign democratic rule. The British people have cast their vote and I have never ever felt so relieved about having been wrong. Against all expectations the leave camp somehow managed to push the referendum across the center line, with 51.9% of voters counted electing to leave the European Union.
It goes without saying that this historic vote will have long term implications all across the rest of Europe, as resistance to a increasingly authoritarian, wasteful, and bureaucratic European Union has steadily been growing across the Euro zone over the past [...]
The May NFP jobs just dropped half an hour ago and the numbers were was so dismal that it left a smoking impact crater across equity futures. Apparently we added 38k jobs which was several standard deviations below the median forecast of 160k. The number was the lowest since September 2010 and adds insult to injury after the April report was already revised downward from 160k to 123k. Smoking!!! Let’s do a quick review of the damage inflicted thus far:
We are seeing quite a bit of activity this morning with Draghi attempting to jawbone the EUR lower albeit with limited success as the EUR/USD seems to be ready to deploy its second stage rocket boosters. If nothing else he’s giving Yellen a brilliant run for her money when it comes to insinuating more dovish monetary policies despite having run out of ammunition and now attempting to face forex vigilantes armed with a BB gun. There will be blood, mark my words.