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February 22, 2005

Market Alert, Tuesday, Feb 22, 2005 07:40:11

The USD tanked overnight as I had forecast at the end of last week. The EUR:USD pair is trading up to 1.3208 (and higher) this morning, which has zipped gold bullion this morning by some $5.50 to $433.70 (and higher). Dow futures are down "57 (about 0.6 percent) and Nasdaq futures are down "13 (almost 1 percent). European markets are weak. This is the time in the market when traders need to observe where capital is flowing into and out of the individual sub-industry groups. Clearly, the basic materials sector 15 is going to be favored today. The goldminers will have a good day. I told you about my gut feel this weekend, and already it is starting to play out.

Posted by Posted by Bill Cara on February 22, 2005 07:38:05 AM | Category: Forex , Gold , U.S. Equities