It’s been a remarkably “thin” day on Slope, due to my being 95% occupied with familial duties. This morning, stripped of WiFi, I was totally dependent on a weak cell phone signal, tethered to my laptops, as my only link to the market (you try managing over 100 positions like that!) Mercifully, I was able to get my to my hotel room for a few hours to get a bunch of trades in before the close.
I’ve got a anecdotal post in mind, but it’s going to take me a little while to write it, so I’ll just keep it simple now and share a single chart: the Euro/US Dollar cross rate has been in its own bear market since May 7th (can you imagine equities consistently sinking for that length of time? The Fed would be apoplectic!) With it, just about everything you can hold in your hand – – gold, silver, crude oil, copper – – has been barfing. (more…)