We are Living in Interesting Times

May 19, 2005

Some charts are breaking down and others are breaking up

1. Breaking Down

Central Fund of Canada now trading at a discount to NAV


2. Breaking up

Dollar weighted SPX tentatively peeking up through falling trendline




Latest move on USD vs Oil has retraced more than 50% of previous fall

In context of JPM breaking down, Banking Index breaking up relative to Industrials is very confusing.

What to make of all this?

No sensible idea


Pure gold is so soft that a strong man can squeeze it and shape it.
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