PM Daily Market Commentary - 5/13/2014

davefairtex
By davefairtex on Tue, May 13, 2014 - 11:18pm

Gold was down -1.30 to 1294.20 on moderate volume, while silver was up +0.03 on light volume.  Both gold and silver traded sideways today within a relatively narrow range, silver slightly more positive than gold.  Silver did manage to close a few pennies above its 20 EMA, which is an encouraging sign.

The buck was up +0.24 today to 80.19, a relatively large move, piling on after last week's big move higher.  There was news from the ECB that the Bundesbank would be willing to support some form of money printing.  This news caused the Euro to continue moving downhill for the 4th straight day, which helped the dollar to move higher.  It looks like we won't be breaking 79 support anytime soon on the buck, as long as the ECB continues talking the euro down.  So far, the ECB is all talk and no action.  Talk may be cheap, but as of right now, its got a pretty good return on investment as far as the euro is concerned.

GDX was off -0.75% on light volume; GDXJ was down -0.68% on light volume too.  After a brief initial rally, miners sold off all day long, however the light volume might give you a sense that the whole selloff was pretty mild.  Nobody is interested in buying - or selling - the mining shares right now.  Perhaps all the traders have left for a summer vacation.

SPX was basically unchanged.  Equities attempted to rally but the mild rally failed.

Pretty much, not much happened today in the markets except for the currency moves.

 

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