DJIA 8374 -28.99 SPX 907.31 +.38 VIX 31.12 Gold 978.50 +15 Oil 66.21 +1.13 Dollar Index 79.48 -1.02
Ringy Dingy here fishy fishy
The Dollar:
The U.S. dollar fell to five-month lows against a basket of currencies Friday as an advance in global equities and signs of an easing global recession drove investors to snap up higher-yielding currencies and riskier assets.
Global stocks rose and some equities markets posted 2009 highs, diminishing the safe-haven allure of dollar assets and sending the euro to a 2009 high against the dollar. A government report showed the U.S. economy contracted slightly less than initially estimated in the first quarter but the market had expected evidence of a shallower recession
Gold:
Gold Jumps Above $975, New 3 Month High Gold jumped to a new three-month high above $975 on Friday as traders bought the metal as a hedge against weakness in the dollar, which fell to five-month lows against a basket of currencies.
Rising oil prices, reports of a pick-up in Middle Eastern demand, and firm buying in India, the world's biggest gold consumer, during the wedding season are also supporting prices, analysts said.
Gold touched a peak of $978.30 and was at $974.90 an ounce at 1332 GMT, from $958.80 an ounce late on Thursday. U.S. gold futures for June delivery on the COMEX division of the New York Mercantile Exchange rose $13.50 to $975 an ounce.
"If the dollar continues to be sold, the first obvious target is $1,006 an ounce, which is the peak we had in February this year," said Tom Kendall, precious metals strategist with Mitsubishi Corp. "That is feasible over the next week or so, if that trend in the dollar continues."
The U.S. currency extended losses against the euro and yen after GDP data showed the U.S. economy contracted by less than initially estimated in the first quarter.
Oil:
Oil Hits 6-Month High Above $66 on Economic HopesOil rose to a six-month high above $66 per barrel on Friday, on track for its largest monthly percentage gain in more than a decade, after Japanese and U.S. data suggested the economic downturn may be moderating.
Oil prices have jumped around 30 percent this month, buoyed by expectations of a global economic recovery later this year and a bullish price outlook from key OPEC member Saudi Arabia.
It is the largest monthly price rise since March 1999.
U.S. light, sweet crude [US@CL.1 66.21 1.13 (+1.74%)] for July delivery was up, after reaching a high of $66.47, its highest level since early November last year.
London Brent crude [GB@IB.1 65.53 1.14 (+1.77%)] gained.
Data on Friday showed Japanese industrial production rose 5.2 percent in April on a monthly basis, and the government said it expected continued gains through June.
U.S. growth data on Friday also reinforced the sense that the global economic slump might be abating.
The message is that the economy is staring to turn around. That is a bogus message.
If the economy was turning the Dollar would be rallying and it is not. I think we are headed south again. This is much the same message they we giving us at the end of 2007 and the beginning of 2008. Strong commodities weak dollar strong foreign markets. They carried that message for a long time but in the end we crashed. This looks like the same game and they have the players back in the same old things.
First buy on FXP(China Short) @13.82
Next buy order @ 10.37
Second buy on DUG @ 13.25
Second buy on GLL @ 11.04
Second buy on ZSL @ 7.28...CORRECTION CHANGED TO 6.17
Looking to short AEM 62.18 on a close below 56 or a close above 65
Looking to short MCD 58.24 on a close below 56 or a close above 60
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