Gold Commemorates Financial Armageddon Anniversary by Breaking Above $1,000
News_Letter / Financial Markets 2009 Sep 11, 2009 - 10:01 PM GMTBy: NewsLetter
Dear Reader
Lehman's bank bust and financial armageddon anniversary passed quietly as the governments ensured that at NO cost would that event's echo impact on the present, clearly lessons have been learned, there is no longer any such concept of moral hazard where central bank operations are concerned to keep the bankrupt banks afloat, it is the price tax payers are paying for electing inept governments that employ inept regulators that are continuously and perpetually hoodwinked by the market manipulators.
The stocks bull market continued to resolve towards the long standing target zone of Dow 9,750 to 10,000 by closing the week at 9605, up 1.75%. The most recent update of 7th September projects to a target date of late Sept / Early October. London's FTSE is running ahead of other major indices by fulfilling its bull market target of 5,000 for 2009, my take on the price action as of 9th Sept is for the FTSE to mark time as other markets play catchup.
Gold similarly marked time after breaching $1,000, wibble wobbling around the level as gold bugs draw breath, a major analysis is pending.
The US Dollar continued to weaken as a break below 78 resulted in a swift drop to USD 76. After the whole trend of the US Dollar from March 2008 to July 2009 had been accurately mapped out with analysis at one point 6 months in advance of the subsequent trend. The most recent analysis of 14th August concluded in a scenario that forecast the USD to rally from 78 to 90 by the end of the this year on the condition that 75 is not breached i.e. a risk of 300 for 1200 . With the USD at 76, there now exists a serious risk of this scenario being negated and the whole USD analysis built up over the past 18 months being scrapped in advance of generating a completely fresh perspective, next week should clarify the scenario's position as the whole point of a price trigger i.e. 75, is to ensure that one listens to what a market is telling you rather than relying on perma hopes of this that or the other.
Meanwhile Robert Prechter of Elliott Wave International released a free 47-Page eBook, How to Spot Trading Opportunities. Created from the $129 two-volume set of the same name, it’s available free until September 23, 2009. Learn more
By Nadeem Walayat
Editor, The Market Oracle.
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