Thursday September 9, 2010 - 15:15:17 GMT
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Forex Hound - www.forexhound.com
Gold Vulnerable if Money Flows Back to Stocks
stock futures are trading a little higher but paring its gains ahead of this
morningâ€™s Weekly Initial Claims Report. This report, the first U.S.
jobs data since last Fridayâ€™s Non-Farm Payrolls Report, may provide more
evidence about the strength of the recovery.
Asian markets showed more gains overnight as concerns about
European sovereign debt eased. Today, investors are banking on the markets to
continue the upside momentum developing since traders returned following the
Labor Day holiday.
The easing of worries that European debt issues will derail
the economy seems to have given investors a little more confidence, but todayâ€™s
jobs data will likely set the tone.
This weekâ€™s rally has been nice but will not mean anything
until the September E-mini S&P 500 takes out 1107.25. If this happens then
it will indicate that the bulls are gaining a little more confidence.
The break in the T-Bond market this morning also indicates
that investors will be willing to dump safe assets if there is another
alternative, but in my opinion the market that investors should watch for signs
of a stock market rally is the Gold market. I think that a sure sign that
investors are gaining confidence in the global recovery will be when they begin
to sell gold with conviction.
Recently, investors have been pouring money into gold
because stocks havenâ€™t been paying off and for a hedge against a collapse in
paper assets. If this fear begins to disappear, then look for money to flow out
of gold and into stocks.
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