Fed is gonna announce how much (if there is any) rate cut tomorrow. It could drive commodity price up to send them to sink.
I am betting bearish on the dollar, meanwhile, I have set limit orders to curtail worst case loss on GLD. Rumors have it that Fed is secretively selling their gold reserve, therefore dragging gold down with the dollar. What a vicious move!
I am not the daredevil type of person that would play margin, but it does seems that a lot of the traders are anxious for their bet.
Let's the dice roll for tomorrow!
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4) 2.15pm EST fed announced 1/4 rate cut.
ReplyDeleteCNN poll of economic future http://money.cnn.com/POLLSERVER/results/39323.html
5) Both GLD, DBA closed high.
USO saw strong rebound
That's all the saga for today.
My conclusion is that the next round of commodity hike has begun, and there is no turning back for the dollar. Strong dollar was an illusion and today's Fed announcement acknowledged the factual weakening of US economy.
The big day so far goes as:
ReplyDelete1) Market rise on Fed's positive tune. USO, GLD drop, DBA rise
2) I bought in on both USO and GLD
3) USO rebound