Choppy & flat. Slight upward bias.
News & Commentary:
Hardball, European style -- Reuters reports that the ECB has told Greek banks not to raise exposure to their own government's debt. Really?
If this is supposed to force them into a compromise, it could force them into a default instead. Does the ECB still think it's going to be paid back? Haha, right.
Still thinking bank runs beat the bureaucrats.
Elsewhere, Buffett is buying more junk food. Buying Kraft is like buying a put, in my opinion, if you think the economy is going nowhere. People will downshift.
Pullbacks in USD and USDJPY look increasingly corrective which means yet higher prices could still materialize. This chop seems to be affecting energy & metals, too.
Up, up, and up.
Crude is being coy. The May contract did not get above its Feb 26th swing point (47.80 on the continuous contract). Another reason why I'm not playing this yet.
NG is being coy, too.
1223 still remains untouched in gold. Until then, nothing here for me. Note: using the weekly continuous chart here. I like big trades.
There is a volume shelf at the 2088-2090 area that coincides with 38% Fib support around 2086. Thus far the market seems to be content with a possible test. It wouldn't be until a break of 2060 (actually 2061.23) that things would change for the worse, in my view.
Again, the pattern is developing on a weekly chart. Giving it time.