And the markets went off in the 'risk on' direction as the dollar slumped, stocks soared, and gold caught a bid as the smell of easy money for the foreseeable future was in the air.
This is nuts.
I suspect that the financial class is celebrating the end of the first quarter, or at least trying to give their fund performance that luster that attracts more investors and bigger bonuses.
It is just as likely some other Fed head will come out tomorrow and say things about the improving economy and the need to guard against wage growth and the kind of inflation that does not put money directly into the pockets of the money masters and their friends.
Do you ever get the feeling that the powers-that-be are no longer treating the US as a 'going concern?'
Lest we forget, the Non-Farm Payrolls report is coming out on Friday. If it comes in hot, we might see some reversals. And if it comes in weakly, perhaps more rally. Let's see if they can steer this number through the Scylla and Charybdis of their credibility trap. And don't forget to look for the prior month revisions.
March is historically a rough month for the precious metals. Lets see how we get past this week, and if we can do something to set this handle and activate a bullish formation.
Gold continues to lead silver here, and that is all about the 'risk trade.'
Have a pleasant evening.