We are getting another deluge of buying on the first of the month. This is getting to be standard procedure for this market. The market is gapping up big and it looks like whatever weakness we had yesterday is being quickly forgotten. The dollar is getting trashed again and I am hearing calls for Australian-US dollar parity. The currency moves are getting a bit out of hand in the short term but in the long term, I continue to see dollar weakness. I see no bottom for the dollar.
Energy is always the last to the dance, this rally is maturing quickly. I am looking to add to short exposure on any first of month rally.
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