Nothing much moved today on the PM side as the market collectively held it’s breath waiting for The Bernank’s do-nothing address. That speech, in turn, resulted in a massive shrug of the shoulders after market close today.
There’s some chop back and forth and further attempts upon my person in the form of certain “Chicken-playing” PM stocks (ahem, AAU and EXK, damn you!). These stocks attempt to force me off the road by driving straight at me at 110 mph, whilst drunk on Old Crowe whiskey.
I will not be moved by such crude tactics, and I continue to beleive there will be a bounce in the metal sectors collectively. Action in the minor metals like palladium and platinum are betraying this new direction, and even copper is showing stubborn signs of staying about $4.00.
In the meantime, dollar strength is seemingly being abetted by a weak Ozzie Dollah and Canuckistanian Looney. That too simply cannot be the basis for a dollar rip, so sorry. Not for the long term at least.
So just check yesterday’s chart for tomorrow’s action, as nothing looks very different. On another note, you may want to inspect the FAS-mobile tomorrow as well, as it looks like banks may be ready to roll once again.
Best to you all.