MBO Issue 43 (Jul 2015) Pillage People’s Assets Has Begun
- Euro Violent Take Down Begins
- S&P Daily Pullback Started
- Gold Going Nowhere
- Big Picture Summary
Euro took off retesting the 1.14 level on a rumour. Instead of the more normal range from 1.08 to 1.12, Euro tried to hold above 1.12 as if it would turn into support. Traders confused the increase in volatility being a sign of strength to the upside. By the end of the month, Greece trouble surfaced and dropped Euro immediately back down to 1.10. At the end, euro parked itself below 1.12, back to the expected range.
S&P attempted to go lower but it tried to stay floating above 2070s. Second attempt at the end of the month finally cracked the support.
Gold continues its tight range consolidation in the same area. No signs of directional strength yet.
The forecast of rising volatility in forex and the stock market indices was spot on.
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