Given yesterday’s lack of participation in equities yesterday there’s not much to say or do at this point. The market has yet to show its hand and when it does we’ll be able to reassess the probabilities. Lacking new information we should however not feel tempted to fill the void with our fears or opinions.
The governor of the Central Bank of Iran apparently announced that his country will stop using the US dollar in its financial and foreign exchange reports for the new fiscal year beginning in March. He also hinted strongly that he may opt for the Euro when releasing its key economic reports in the future. Excellent choice sir! Detach yourself from the world’s firmly established reserve currency and instead shift to the one which has been causing nothing but economic turmoil across the region since its very inception. Would you like a side order with economic sanctions with that?
Scott back again. My apologies for the lack of pertinent information in yesterday’s post. There honestly just isn’t that much happening, but I feel we are closer to an inflection point than before. Mole and I were chatting after the close today and we both feel the same way. Continued melt up from here without correction increases the odds of a deeper correction when the bears get some mojo back again. But the bears badly lack mojo. Correction from here, the odds are very strong it just hits support a little further down.
This is Scott. Mole is ass deep in code for a new system we are launching soon, so I’m making myself useful by doing some guest blogging. Of course just after I agreed to do it, I realized the market couldn’t possibly be more boring, and its hard to think of things to say.[Mole: Welcome to my world.] I figure we should look at the bigger picture here.