Often, the markets react to news event in precisely the opposite way that I would have expected. This is why I trade only using technical analysis. Who would have expected that following a collapse in the U.S. ISM non-manufacturing data, that the US Dollar would sky-rocket and gold prices would drop. But the charts don't lie! Here is the price chart for gold. See my next post today for the chart of the US Dollar Index futures (above). I'm not sure that a day ever passed but what the markets don't surprise me.
Tuesday, February 5, 2008
Surprise: Gold Down, USD Up Today!
