Was that a rebound or what ? So much for the Goldman GDP call, the numbers surprised by 3/4 of a point to the upside and the market acted accordingly. Short squeeze was an understatement,there was some nasty odors of burning shorts out there as the DOW and TSX bulls kicked some serious bear butt.
Gold,silver and oil all fell into place moving up in grand fashion as the US dollar did a perfect TA bounce off the top of the downtrend channel line. This bodes very well for the precious metals and commodoties moving forward, as the so called bottoming US dollar media stories are a little premature in my opinion.
The chants of the ending recession are now ringing through the hallowed halls of Wall St. but we will keep a cautious eye with an optomistic heart. A Christmas rally would be sweet and after this past year we deserve it.
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