In the least-surprising news of the morning………
One item that struck me as interesting was USD/JPY, which has been generally strengthening for years. What’s especially curious is that, in spite of this, gold is holding up rather well. One would think that a raging dollar would smote gold, but nope.
As for the S&P 500, it’s all about 5,000 at this point, it seems, which came oh-so-close-but-no-cigar yesterday. I’ll say this, though: it’s quite clear that October, for all its reputation as bear heaven, has proved itself a reliable bottom before commencing a mega-surge. The most recent Halloween bottom, of course, being the most brutal.
Let’s move the anchor points on the /ES fibs and see just how many times we’ve got to move the high.
