Monday, May 7, 2012

MARKETS PERPLEXED


                                 Pretty Much Sums It Up Today

All the action today was in early Asia, as financial markets reacted to the elections in Greece and France.

Gold opened the day with a $6 5M candlestick [1642 – 1636] and as I write this we have a $10 range for the day. And, if it wasn’t for a very brief stop hunt, the daily range would have been only $8. Throw in wide spreads [what else is new?] and the usual dealer games, and what you get was a boring day not worth trading.

Looking at the currencies, I had expected to see more down side action after the initial low in EURUSD in early Asia. We got short and took profits as the Euro bottomed and turned around. From there [1.2980 area] not much happened the rest of the Asian session.

Trading in the UK [London] was closed today for Holiday; therefore action in the European session was definitely muted. We saw some short covering going into the US session in the Euro, along with a rebound in world equity markets, and this theme continued with no real action other than short bursts.

With all markets open tomorrow, things should get more volatile given the news of the weekend.

So, we ended up with about a 0.2% gain today.

I’m still in the process of doing paperwork for our new PAMM; I’ll have more information later.

Have a good day everyone.

-vegas

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