01/25/12 Yawn. Metals firmly in the middle. No Chinese activity due to New Year. Waiting to see if the Fed says anything about rates. Probably not much, can't see them raising and Q3 although a possibility too soon to be politically expedient. No conciliatory remarks from Obama, which indicates dead-lock in Washington until 2013. The year of the Dragon (mine by the way) is beginning like Puff (the Magic Dragon.) Lets float around and be happy, all the bad stuff is behind us. NOT. 01/24/12 Although the markets traded above the resistance level yesterday, the NY close held at the chart point. Profit taking in the equity markets has put some downward pressure on the metals. Need that close above the $1,675 range to confirm the test of $1,700 range. Markets again susceptible to headline events. Iran, Greek talks. Markets also looking at tonights State of the Union address to see if there is any chance of bi-partisan efforts to get anything done before the election. Don't hold your breath. Still hold to my consensus from early January that the markets are exposed to downside weakness. time to watch for conviction. Volumes should remain tame, until a direction becomes more evident.
