Tuesday, August 9, 2011

Roadmap day two

As promised yesterday, here's what IKN118 out last Sunday had to say about a plan for today:

And the score? 
  • Well, we got the not-end-of-world rally in the broad markets early

  • We got the relief rally kicking up a gear once the Fed had spoken

  • We didn't get much said explicitly about QE3, but plenty of implication from the free money ride banks can look forward to until 2013 (at least)

  • We got gold higher

  • We got copper higher (only by a bit, but it did cross from sub-$4/lb to over $4/lb)

  • We failed on a higher silver price.

So not perfect but not bad. Let's see how Wednesday's part of the roadmap note pans out tomorrow afternoon.