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Petrodollar Alert: Putin Prepares To Announce "Holy Grail" Gas Deal With China PDF Print E-mail
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Written by Steve Meyers   
Friday, 21 March 2014 16:20

 

 

If it was the intent of the West to bring Russia and China together - one a natural resource (if "somewhat" corrupt) superpower and the other a fixed capital / labor output (if "somewhat" capital misallocating and credit bubbleicious) powerhouse - in the process marginalizing the dollar and encouraging Ruble and Renminbi bilateral trade, then things are surely "going according to plan."

For now there have been no major developments as a result of the shift in the geopolitical axis that has seen global US influence, away from the Group of 7 (most insolvent nations) of course, decline precipitously in the aftermath of the bungled Syrian intervention attempt and the bloodless Russian annexation of Crimea, but that will soon change. Because while the west is focused on day to day developments in Ukraine, and how to halt Russian expansion through appeasement (hardly a winning tactic as events in the 1930s demonstrated), Russia is once again thinking 3 steps ahead... and quite a few steps east.

While Europe is furiously scrambling to find alternative sources of energy should Gazprom pull the plug on natgas exports to Germany and Europe (the imminent surge in Ukraine gas prices by 40% is probably the best indication of what the outcome would be), Russia is preparing the announcement of the "Holy Grail" energy deal with none other than China, a move which would send geopolitical shockwaves around the world and bind the two nations in a commodity-backed axis. One which, as some especially on these pages, have suggested would lay the groundwork for a new joint, commodity-backed reserve currency that bypasses the dollar, something which Russia implied moments ago when its finance minister Siluanov said that Russia may regain from foreign borrowing this year. Translated: bypass western purchases of Russian debt, funded by Chinese purchases of US Treasurys, and go straight to the source.

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Trade Update PDF Print E-mail
Written by Steve Meyers   
Friday, 21 March 2014 11:28

We are long gold from 1321 with a current stop of a close below 1300. Move the stop to 1328.90. (No close)

We are also long silver from 20.48. Place stop at 20.39.

 
Morning Market Commentary PDF Print E-mail
Written by Steve Meyers   
Thursday, 20 March 2014 16:00

Stocks caught a option expiration bid after  selloff this a.m. We should remain rangebound until the thieves collect their money tomorrow. Tapering is affecting all markets with less effect (thus far) on stocks. We will have to contend with window dressing as well next week as the quarter comes to an end but I feel it will be very hard to maintain these levels with the heroin being weaned off the druggies.

We did get picked up on both silver and gold. Silver had a big spike down to the 20.14 area. We got filled at 20.48 and I am holding without stops for now. This correction (timewise) may last into the end of the month but all my targets have been met on silver. We also bought gold at 1321. Risk a close below 1300.

Dollar is having a small carry through today while the yen is fractionally stronger.

 
Market Update PDF Print E-mail
Written by Steve Meyers   
Wednesday, 19 March 2014 17:12

Volatile day in the silver. The market missed our buy by a mere 4 1/2 cents. Gold is staying down so we will see where we settle when the dust settles today.

It is going to be rock and roll minutes after the Fed statement then 30 minutes later, we have Old Yellin have her first news conference so there will be more swings than a Spring training baseball game. New highs are within reach now but we are at resistance as well. Friday is also quadruple witching which will pin prices so we may have lots of volatility in a narrow range.

 

 
Market Update PDF Print E-mail
Written by Steve Meyers   
Tuesday, 18 March 2014 17:41

Market blew through 1865 SPX so obviously path of least resistance remains up. This comes after we get an escalation of the Russaian/Ukrainian situation. We are in full bulltard mode. Traders appear to be putting their faith in Janet. Good luck with that!

Gold and silver are having corrections. Gold is again relatively stronger than silver. Our stop was hit on silver at 21.09 and now I want to see if we can take out the 20.61 low. I want to be a buyer of silver at 20.48. The next couple of days should tell the story. Many shenanigans during Fed week and quarterly option expiration.

Currencies are largely unchanged. The Japanese Yen is stronger which should imply risk reduction but maybe once again this is the new normal. Serenity now

 
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