Three Charts To Start The Week
First up is the USD/JPY; my Slope Plus readers know I went bullish on the dollar last week (by way of short (NYSE:FXY) and (NYSE:FXE) positions) and the yen is being particularly cooperative. So far, so good.
Gold, on the other hand, is getting smacked around the room, with a loss of about $20 as I type. That’s OK as long as it can manage to stay above that red line. If we break that, it gets messy (certainly not a swoon, but………..messy). Much cleaner for the bulls would it be for us to find firmness at about $1270 and then push aside to new highs for 2016.
My main relief this morning is crude oil. On Sunday afternoon, when it opened, it absolutely roared higher over 4%. However, it’s basically been leaking all night long, and we’re actually down about half a percent as I am typing this. Given my focus on energy and commodity shorts these days, this is a good thing.
