The metals pulled back a bit today, as the first blush of QE in Europe and the US gave way to more dour concerns about the mechanics and the reality of the things.
Not to worry just yet. A pullback to prior big resistance would be normal in this sort of a run, and we are nowhere near that yet.
Light volumes and really still a dull market. I think you saw the notice that volumes on the CME are down substantially, something like 40%. And that is with all the phony baloney High Frequency Trading that occurs so regularly on all the markets.
In some sad news, the Japanese Minister of Banking, Mr. T. Matsushita, who was leading an investigation into insider trading, was found hanged in his home. He had been treated for prostate cancer early this year but it was said to be in remission. The police are treating it as a suspected suicide. The minister was also responsible for reforming the massive Japan Postal Savings System.
And apparently two of the top leaders in China, including Xi the number two man widely expected to rise to power in October, have been injured in two unrelated car accidents. Rumours are rife in Hong Kong that they were assassination attempts.
Edgy times ahead.
