Emini Trading Update – Monday 16 May 2011 (7:52)
The ramp into 1,341 today turned parabolic and when it fell, we never looked back. On Friday we were sitting on a knife edge. After Monday’s sell-off we are now sitting on the edge of the knife edge. Watch this weekend’s video.
I see real complacency in the market right now – the Bears who tried to call it a month ago have been made to look silly with this last push to new highs. Everyone is talking about the sell-off in Silver and who got it right. The Gold and Silver bugs are furiously trying to get their message out there that the USD is toast. In the long run they could well be right – but in the meantime a run on equities would push US Bonds and the USD up – and hence commodities and precious metals down.
Lastly, my un-subscribes were up this weekend. That’s always a sign that what I’m saying is uncomfortable to people. And as usual – time will tell and trade the setups.
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