It’s been a long dirt nap for ole’ Uncle Buck. Down, down and down some more as the reflationary world has partied on with Wayne and Garth. The party has been punctuated most spectacularly by silver.
While myself and much of the gold “community” try to figure out the meaning of the divergences in gold and especially silver miners to their metals and copper halts at round number resistance (3) and fails vs. gold, we’ve watched the party rave on. That party has included the Euro. Go figure, the Euro as currency savior of the world. Ha ha ha. Here is the sentiment picture in the two currencies, courtesy of Sentimentrader.
I’ve been systematically shorting the Euro using the Utrashort EUO.
That is not to say that USD is bullish. It’s not. But the world is short USD and at some point the snap back will surprise said world. Could that be this morning (+.43)? Could be. It’s not conclusive, but it is forming a little cluster, silver is ridiculous and the world has completely forgotten the terror it was gripped by in March.
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