As Obama speaks and investors recall what it was like to short the market at every TV appearance of the president, the dollar is getting pillaged: the DXY just dropped below the 80 support level after Europe has said it will start tightening soon.
click to enlarge
Concurrently, market neutral funds have thrown in the towel. After we disclosed the drubbing M/N's have experienced year to date, today, the HFRXEMN dropped to not only 2009 lows, but multi year lows. Thank God for back up SLP's practising sound risk judgment.
Lastly, Gold (charted as priced in EUR) just reached its 200 DMA, which represents a 50% Fibonacci retracement and is starting to bounce higher after some sidways moves (as Bob Pisani would atest, sideways is a victory for the bulls...). Time for gold to take off.