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The divergence between stocks and the precious metals is still remarkable, but obviously tied to the risk trade.
The EU has given Cyprus a deadline of Monday.
Nuts.
The short term pivot for gold is 1620 but 1640 is more important resistance on a run at 1700.
For stocks the 1550 pivot on the June SP futures has been working.
Oracle and Cyprus had stocks jittery today despite some 'better than expected' domestic US economic news.
The EU has set a deadline of Monday for Cyprus to resolve its impasse. So it looks like another Sunday evening showdown.
False confidence based on hubris is resurgent.
Benny pledged to print until whenever and that was enough.
Benny pledged his troth to printing until whenever today, and this helped the market to run back and try to break out above our pivot point at 1550.
After the bell Oracle missed on sales and profits.
