MBO Issue 24 (Nov 2013) Race To The Bottom Continues
- Euro Is Not Worse Than US Dollar
- S&P Channel Breakout In Place
- Gold Bulls Hanging On By A Thread
- Big Picture Summary
Euro FBO against 1st quarter high, breaking 1.36 gave us a drop back down to 2012 year high around 1.33 as expected. Another one of those European politicos drama where the strength in Euro again resulted in a b.s. spike high.
S&P never gets the chance to even test the 1690 area thus no longer term bearish signal triggered. S&P simply continues its upside drift. As mentioned last time that I do not have an upside projection that may contain the move.
Bearish bias played out very well so far on gold. GLD cannot even hold above 130.
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