IS IT MAY YET?
As opined a week ago, the overbought rallies of commodities and stocks into the normal seasonal summer downturn time have skidded a bit and turned south. Always mercurial silver is doing its best to claim the ugliest prize, being down about 20% in four trading days.
Only the much maligned Treasury bond is rallying on FED QE3 buying and "safe haven" switches. So far the US dollar has not rallied. The Swiss franc seems to have replaced both gold and the dollar as the real safe haven of choice.
If this really is the start of the summer doldrums, we have time to relax and wait for bargains. We'll know in a few days if commodities and stocks are done until late summer to fall. Sometimes May sees pullbacks and one last rally into July for the yearly high.
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