The Golden Sunrise
The essential morning read for investors!
Golden Sunrise is the Golden Surveyor’s broad-based market and world view.
Written daily 4am-7am by markets information specialist GS John!
Today’s Golden Sunrise
Friday, July 02, 2010
Hours of daily research consolidated for you
Worst of Crisis Over-Prodi
The Euro skyrocketed yesterday on news the European banks loans from the ECB while into numbers north of $100billion were better than expected. This triggered a massive short-covering rally in the euro, hammered the dollar, hammered the markets, hammered gold.
The etf for the euro: huge jump yesterday and back above the 50dma.
The dollar etf: back under the 50..
The market has generally risen on a weak dollar: not yesterday or for the past few weeks…the dollar etf trend is shown above the SPY-the etf for the S&P500.
Gold and dollar…this is another divergence from past market reactions…gold was hammered yesterday on volume.
But the good news is that Europe is healing according to EU Commission President Romano Prodi who has declared that the “worst part” is behind us. Prodi’s soothing words triggered the rally in the Euro and I know with all my heart, with every fiber of my being that you can always trust the words of an Italian Financier. Yeah, right!
Happy 4th of July…everyone needs a long week-end about now.
Cash and physical precious metals are decent places to be these days until the dust settles and the air clears.
JohnR
Goldensurveyor.com
