Revenge of the Silver Spoons
UPDATE 9:46am EST: Silver is on fire this morning and there are no stains in sight:
I have mixed feelings about this H&S though – not sure why. It sure looks precious – maybe I should just shut up and take it. But let’s wait out that triangle breach in equities first – that attempt to breach the resistance line ended on a whimper. No surprise as the Zero signal was fairly flat. The bulls will have to muster up a few more legions to ram through this barricade. Could just be a an E wave throw-over… happens sometime.
Happy Chinese New Year to you Asian rats!
UPDATE 10:35am EST: Check this out:
The CPC has no business being here unless we just rallied by 500 points in the DOW or something along those lines.
UPDATE 11:00am EST: Yen just fell off the plate… again… definitely a big seller here – maybe the Japanese are putting a lid on their currency?
Let’s remember – our intrepid Asian friends do not enjoy a strong currency – Yen or Yuan (Renminbi). Strong currency is bad for their exports. Anyway, this is lining up to be a painful week – we got that FOMC meeting looming and until then we’ll see a lot of fake outs and thin tape monkey business.