This is a market that has been extraordinarily noisy, and I think it is only a matter of time before we have to pick a direction. There are a multitude of reasons why this market could move in either direction, not the least of which is simple fear. The US dollar of course is a safety currency, but at the same time it should be noted that the Federal Reserve is trying to print as many US dollars as humanly possible. As long as that is part of the equation, that puts downward pressure in the greenback. Ultimately though, we need to keep in mind that the European Central Bank is also starting to look very loose with its monetary policy yet again, and of course Germany is now talking about even more stimulus. In other words, this market is going to continue to be just as confused as it has been for some time. In the short term, we probably are overdone so I would look to see some type of pullback.
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