Stocks went higher, gold, silver and oil closely followed by silver streaked skyward... Risk-On trades back in vogue...Eur/Jpy, Aussie, Kiwi and Canada should go screaming higher right ? Ahh wrong..
Fx for all intent and purpose did very little on the day...True, the Dollar did suffer on the day against most major pairings, but barely, compared to the gains in crude oil and gold.
Someone is wrong here, and either the currencies play catch-up or commodities and stocks are just about to receive another round of good old fashioned pork that they so rightly deserve.
The only trade we managed to eek out on the day was short Eur/Aud at an average of 1.5820, as I write indicators are still bearish so I will let this run a little more watching the 50% and 61.8% fib retracement levels as possible targets. Stop is now at entry.
Wednesday, 3 February 2010
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