The Euro could be on the verge of some quick upside action. Next week will tell if we can see any follow through..
...and Silver
...and OIL...
BUT on the other side we see that Tech has reversed...
Bottom line:
We can make both cases at this juncture. The bounce can run for another week or the Prec. Metals can decide to ignore the risk trade and become more of a safehaven trade or the Euro reverses again.
Correlation trades might break. Let's see what happens after this wild OPEX week ... that was historically one of the most bullish weeks in the season and wasn't.
QE or NOT will be the question for the weeks to come unless you believe that a fix for Spain is in.....which we don't!
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