U.S. Stock Market – It’s consolidating major move up and bears can’t keep it down for long. The “Don’t Worry, Be Happy” crowd have the deck stacked in their favor so barring something truly unforeseen, a new, marginal all-time high is a question of when, not if.
Gold and Silver – While there are numerous positives I’ve posted about in last couple of days, the bears still hold serve. I continue to believe if one is a buyer of gold it’s best to continue standing on the sidelines until either the low $1,500s are tested or we have two consecutive closes above $1,700.
It’s mind-boggling how open interest remains so high despite the # of shorts in silver on the Crimenex (Comex). Either they will finally cave or the shorts may have bit off more than they can chew. Stay tuned.
U.S. Dollar – The way overvalued Yen is finally descending and that has underpinned the U.S. Dollar for the time being. But when the rooster finally comes home to roost in the U.S., the dollar can make new lows IMHO. I have over 80% of my portfolio in Canadian financial institutions and in Canadian dollars – legally!
U.S. Bonds – Bernanke may have kicked the can again, but it comes at a bigger and bigger price each time. Bonds are a total void in my book.
Oil and Natural Gas – No change
Mining and Exploration Shares – Each time it appears it can’t get any worse – it does! It shall take many months and a big reversal in the price of gold to have any meaningful and sustainable rally. Until then, stock up on ant-acids like I have.