Markets today: modest profit takingin key financials and transports, but overall markets holding up well.
The Big QE2 Trade continues to unravel...you know the deal: short dollar/long commodities/long commodity stocks was the big QE2 trade, but again today the dollar is stronger, but so are commodity and commodity stocks.
Speaking of commodities: gold rallyingafter a very poor performance last week as higher interest rate and a lower fear factor hurt the precious metals...another factor: this is a traditionally weak period for gold, partly because the largest single buyer of gold in the world — the women of India — buy less during this period.
Here's why: Monsoon season lasts from June through September, and many of the buyers are farmers who must wait until the size of the crop is known before they buy gold as an investment. They won't know until the monsoon period winds down going into September.
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