Here is what I am watching this morning. There is a potential bull pennant, but the 50 DMA represents an obvious point of interest.
The devastating earthquake in Japan completely overshadowed the Middle East this morning, and the Saudi Day of Rage was subdued. I am exchanging emails with a friend who is riding out the troubles in the Shinjuku district while he waits for the trains to resume so he can head home.
My heart goes out to all my friends in Japan, and all those who are in distress everywhere.
がんばって Ganbatte.
I thought some of the book-talking commentary from Japan bears early this morning was a bit over the top even for pigmen.
In the spirit of never wasting a crisis, the Masters of the Universe staged a major bear raid on the metals complex this morning. I had to steel my resolve and pick up some positions at deep discounts to reality in the opening half hour of trade. Easier said than done.
Silver is in delivery now and the negotiations for cash settlement are introducing noise into the markets. Their hypocrisy knows no bounds, so prepare for additional swings as their massive short position is in its death throes. It will not be pretty.
“So do not be afraid of them, for there is nothing which they conceal that will not be revealed, or hidden, that will not be made known. What is spoken in the dark will be heard in the light; what is whispered in the ear will be proclaimed from the rooftops. Do not be afraid of those who can harm only your body but cannot take your soul. Rather, be afraid of the One who can destroy both body and soul in hell. " Matt 10:26-28
These events in the Middle East and Japan provide the perfect rationale for the Fed's QE3.
