US$ is rallied yesterday and today because of the old rule, if the President, Treasury Sec, or the Fed Chairman speak, the dollar has to trade higher. This rule is not in writing, it’s what is noticed after almost 20 years watching, US$ trade stands at 80.475 up 44.9 points and close to the high of 80.505, Treasuries across all years as well are being supported because of the same rule (trading higher). Petro Products are hovering just below the $100 mark with March Crude at $98.05 a barrel. Gold, as mentioned, is down $25.10 with the trade at $1,653.0 it’s absolute low of the day (so far), Silver is down 30 cents trading at $31.665 with its low at $30.590, base metals are lower as well. Grains/Meats are mixed in the early morning trade and the Meats are stronger, Paper markets are confused after hearing the President say that trade embargoes are going to happen, not in exact wording but close enough to watch the investment cycle. Next we get to listen to the bearded wonder called Bernanke, maybe he’ll confirm what Obama said when he mentioned last night “No More Bailouts” …. my guess is it’s a bigger heads up than anything else that a major is going down, something they’ll claim came out of the blue …. Stay Strong!!
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