Thursday's expected quiet trading day didn’t provide any surprises, although in the data front, housing continues to leave a lot to be desired. Oil is reaching for the sky, especially with another large drop in inventories Wednesday that I believe is being misread. These are two huge drops in a row — for a total of –25 million barrels in the last 8 weeks — that have many believing that, economically speaking, we’re healing quickly and the reservoirs must be replenished. Having said that, the United Sates Oil Fund (USO) has room to run.
Gold is wavering around $1380 and not much is out there to make a case for either a rise or drop — SPDR Gold (GLD) stuck in neutral — apart from the continuing firmness in the dollar, coupled with a shift in trend for the Japanese Yen to positive (short and long-term). From a bird’s eye view, looks like the global markets are saying “Give me anything but Euros.” even in light of China stepping up to the plate, and stating that they will support the frail European currency. Actually, I’d rather own Euros than Yuan from a long-term perspective, but that’s another story.
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