The market has found good buying just above $1460 and continues to push higher off of this level as it enters very early trading in Asia. The drop of nearly $110 has stimulated value based buyers of the metal who have been waiting on a pull back.
If the market can push through $1500 and hold that level and not sink back below it, it will be friendly. Some will depend on the payrolls number out tomorrow. If it is a stinker and comes in below expectations, we might see more risk aversion and potential selling as the unthinking, knee-jerk reaction will be to rush to the "safety" of the US Dollar ( I have to gag when I write this). The Yen also will probably benefit although the Japanese monetary authorities are probably already saying things unfit to print over its recent climb back up to its last whipping level.
Even at that, the market has fallen, so far, so quickly, that any short who wishes to actually realize their gains is going to have to ring the cash register before long if they are wise. Bulls make money; Bears make money but Pigs get slaughtered.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
Trader Dan's free work will soon be available at www.traderdan.biz