MBO Issue 22 (Sep 2013) New Era Of Money
- Euro Testing Jan 2013 High
- S&P 3 Pushes Scenario In Place
- Gold Bulls In No Win Situation
- Big Picture Summary
Euro bottomed out shortly after end of August at 2nd quarter midpoint gave us the retest at 2nd quarter high. That would breach the 1.34 price level mentioned last time necessary for the selloff to continue. Euro popped through 1.34 and has been sitting above 2012 year high since.
S&P cash tagged the 5% minimal correction level and zoomed higher. As mentioned in special update I was looking for the 3rd push to kick in higher than the August high and should top out below 1740. Selloff as expected and as of this morning the minimal swing target at 1675 is tagged.
GLD failed to clear the 140 level as expected and dropped back down to 125.