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Author Topic: Market Commentary - Jan 28, 2010  (Read 657 times)
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Capitalist Pig
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Posts: 17830

« on: 2011 Jan 28, 05:31:50 pm »

Today was a bit of a roller coaster after the previous two days of ho-humm action. In my thread on Are You Awake? Governments Being Toppled Left and Right, I talked about the riots in Egypt. Apparrently, the riots, deaths, and fires have caught people's attention, and funds have come in buying. This is called the "flight to safety."

Let's look at today's numbers:

US Dollar ETFGoldSilverDow 30S&P 500
22.60+1.12%  1308.80+2.31%  27.87+4.15%  11,823.70-1.39%  1,276.34-1.79% 

You can see that the dollar was up big. A 1% move is huge in forex. Also showing big gains were gold and silver as traders around the world were fleeing the Middle East and nearby Europe. As a result of the rising dollar, the equity markets fell. All of these dollar gains were in spite of the fact that the GDP numbers for the 4th quarter of 2010 came out and were less than expected (but still higher than the 3rd quarter).

My biggest concern for retail traders out there is that now both the Dow and the S&P 500 have come down from those round number highs of 12,000 and 1,300 respectively. In techincal terms, this is called hitting resistance. It's too soon to say if this is the high water mark for this particular cycle in the markets, but it's a definite possibility. For those who only know one thing - buy and hold - it could be a painful time.

Happy trading!

Neal McSpadden
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