MBO Issue 70 (Oct 2017) Are You Ready
- Euro Completed Its Quarterly Expansion
- S&P Time’s Up on Daily Expansion
- Gold in Sync with S&P and Majors
- Big Picture Summary
Euro stopped right at the quarterly expansion target and stalled. All kinds of useless explanation came up but they are really unnecessary.
S&P breadth correction for 2 weeks and never breached the downside boundary necessary to trigger more selling. What else can the market do, going up of course.
Gold popped higher but also dropping fast since pushing for the test of the crime scene where gold started its flush last year. GLD going back to the all important 120 again.
Given the geopolitical tensions from North Korea to Spain Catalonia, what happened last month to the major markets is just another proof that price actions matter more than causation effects based on whatever beliefs you hold.
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