“The usual bull market successfully weathers a number of tests until it is considered invulnerable, whereupon it is ripe for a bust.” – George Soros

As we head into the weekend after another day where equities seem to have been saved by the bell, we will be focused on GC for possible tells. Keep an eye on the 1250 mark as the bull/bear line for the day. As has been the tradition this year, we continue to see Friday trade as an opportunity to try and position long rather than short the shiny metal.

Wishing everyone a great weekend ahead.

“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros

As we wait for the SNB, BOE and BOJ, the main focus seems to be on how the USD is going to move after digesting what we got out of the FOMC. We still maintain that for a clearer picture we’ll have to see how the week closes but it looks like we could be seeing a correction/pause of the recent move.

In terms of the broader market, despite talk of this big rotation, NQ still does not look too pretty and we are confident that astute market watchers have not forgotten the moves we saw last Friday. We’ll have to see how these trade but if we trade below yesterday’s lows across the board, we would expect things to get extremely interesting. Naturally, we could still press higher and continue the ramps across the board but it will have to be without us.

We still believe that the chart everyone should be focusing on is CL; that’s the most interesting move.

As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

We’re in standby mode as we wait to get through this Wednesday-Friday FOMC/SNB/BOE/BOJ bonanza. If you missed our latest  uploads you can access them here > Weekly Outlook Video  and CB week charts. Remember that, potentially, the market will have a lot to digest and that focus will be on follow-through and traction as the dust clears after all the announcements. In the meantime, we’ll leave you with this beautiful and incredibility thought provoking poem.

If

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or, being lied about, don’t deal in lies,
Or, being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise;

If you can dream – and not make dreams your master;
If you can think – and not make thoughts your aim;
If you can meet with triumph and disaster
And treat those two imposters just the same;
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build ‘em up with wornout tools;

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on”;

If you can talk with crowds and keep your virtue,
Or walk with kings – nor lose the common touch;
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run –
Yours is the Earth and everything that’s in it,
And – which is more – you’ll be a Man my son!

– Rudyard Kipling