PM Daily Market Commentary - 6/9/2014

By davefairtex on Mon, Jun 9, 2014 - 10:43pm

Gold closed down -0.30 to 1252.10 on light volume, while silver closed up +0.05 to 19.05 on moderate volume.  Metals traded higher until the NY session, whereupon they started selling off slowly into the close.  Really not much happened today.

The buck rebounded sharply, climbing +0.23 to 80.67, regaining most of the ground lost last Thursday after the ECB meeting results were released.  The rebound calls into question my previous theory that the buck has topped - a continued move higher in the dollar would likely make it more difficult for gold to continue moving higher.  The dollar is at a decision point right now.

GDX closed down -0.40% on light voume, while GDXJ was off -0.32% on very light volume.  Miners looked a lot like the metals - "not much happened today."

SPX initially rallied, hitting yet another all time high of 1955, but then it sold off a bit into the close to end the day up a point.  The equity market is quite overbought, and today the VIX jumped back up a bit - to 11.15, which is still quite low.  12 of 13 days up - amazing.

Something has the Homebuilder (XHB) stocks on fire - last four days they've taken off like they're being chased, on accelerating volume.  Perhaps we have a housing market rebound!


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