- First decent week in ages here. Pray it continues.
- USDX : Close at 0.8160, below 0.82 means that there is little apparent technical support until 0.80. Not looking good.
- US10YY : 2.90% is a new weekly closing low for this move. A trade next week below 2.86% should be exciting.
- S&P500 : Still not conclusive. I would regard the bond markets to be the authority on the economy and this should follow suit at some stage. Until then, staying short with very minimal commitment.
- Gold : Small bounce from 1157 to close week at 1182. Troubles here are far from over and even if so, still lots of work need to be done for a base to build.
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St Louis FRB President Jimmy Bullard : “The U.S. is closer to a Japanese-style outcome today than at any time in recent
history … a better policy response to a negative shock is to expand the
quantitative easing program through the purchase of Treasury securities.”
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