Tuesday, January 2, 2007

Posting Will Be Limited Today

I've got some business to take care of in NYC today.

With the U.S. markets pretty much shut, limited commentary:

Metals remain strong. As noted a few weeks ago in gold, the 50 day moving average have made the bullish cross back above the 200 day moving average. 50 week moving average was also key support, which John Murphy reminded me of this past weekend.

Dollar drifts lower against the Euro... with Euro up around 92 points. We left off last week with ECB M3 going through the roof and the likelihood of a couple of ECB rate hikes in the 2nd half of this year.

While natural gas is down 1.5% on warm weather and abundant domestic supply, crude is up 42-cents, seeming to resist a complete capitulation to the downside amid geopolitical tensions. Iran says it will continue its nuclear work. The contango in crude remains long, but to no avail to the crude oil bears.

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