I’m not Irish, but this week I will do my best to party like one. It’s hard to think about celebrating with all that’s going on, but it’s also almost enough to just make one drink anyway.
I’m really only watching the US dollar right now and how it reacts to the events and equities moves. It’s amazing how little it has moved given the panic moves in equities and select commodities. It’s becoming more and more evident that the weakness is a sign of continued expectations of excess liquidity thanks to QE2 and the hint of a 3rd QE if things don’t get better soon.
Simply amazing and it’s a hole we may never get out of.
Silver, too, has so far been simply amazing in its ability to hang in there. As of now, we continue to “flag” our way up the ladder. In fact, futures are sitting right at the 20 day DMA and in a channel that, if broken to the upside, will do so violently.
In my swing account I continue to hold AGQ, SIL, EXK and SLW. It’s been a tough few days with the selloff, but these are the days one has to stick with the plan and not get thrown off the bull that is the gold/silver market.
Think of it this way – there’s folks (funds) out there that know where this is headed, along with the dollar, and they want your shares. Some want in that didn’t get in at 28. So they’ll throw a lot at us to get in. But don’t give ’em up!
This is going to get interesting very soon.
Happy St. Patrick’s Day to all – and trade the extremes always!