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Author Topic: Market Commentary - Jan 31, 2011  (Read 746 times)
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Capitalist Pig
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Posts: 17830

« on: 2011 Jan 31, 07:27:44 pm »

Earnings season is about half-way over now, and the results have been fairly solid, but all eyes have turned to the protest and revolutions in the Arab world. Protests in Egypt continue, with President (of 30 years) Mubarak promising that he will make the people happier by reforming. So far, no one seems to be buying.

Let's look at today's numbers:

US Dollar ETFGoldSilverDow 30S&P 500
22.36-0.58%  1298.70-0.31%  27.93+0.40%  11,891.93+0.58%  1,286.12+0.77% 

The dollar and gold both backed off the Friday gains in response to the Egypt situation. What is most interesting about this is that gold and the dollar are moving together now. I infer from this that the markets are using both gold and the US dollar as a safe haven. Traders were a bit calmer about the Egypt protests today, so they left the safety of the USD and gold in favor of higher risk, higher reward areas like oil (which broke $100/barrel today). This could be the beginning of a major shift in the way the market views gold. Silver went in a more typical reciprocal relationship with the USD. I am hesitant to say that silver has put in its bottom, even though it did bounce almost perfectly off support at 26. It's too early to tell whether the silver correction is over or not.

Happy trading!

Neal McSpadden
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