Monday, August 11, 2008

5:33AM PDST NO STRENGTH TO THE UPSIDE EVIDENT

On the opening, gold took its usual NY dip, rallied but faded and is now trying to find direction. Dollar is still up near .7600 but has started to pull back, as there is no reason politically for the PPT or the central banks to push it higher today...and.... they don't spend their funds any sooner than they have to... of course their "funds" are just the printing presses. Euro really took a beating last week, mostly due to the ECB (Eurpean Central Bank) NOT raising rates...that guaranteed that European inflation will continue. Oil has sunk to the 1oo_teens (116s presently)... Nothing else really matters much. Gold just doesn't look strong to me today, from volume to trading pattern. It could easily get walloped again, but if it does, we should see some interesting rallies and trading opportunities in the very short term... AND I MEAN VERY SHORT TERM...LIKE MINUTES!

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