As expected, metals touched the higher side on Monday ($603.80) and then gradually came down to $578.80 and thats proven very accurate. However, today -Tuesday- they will open sharply low in New York. I am sure that our waiting in metals is paying well and those who went short have made money. My daily update will guide you where gold will stop. My views are very negative on silver, copper, Platinum so don't touch these metals.
Over all my advice is that one should not touch the metals at this point till we are at an astrological positive period. They are in a bear cycle and should remain thus for a while.
Oil may stabilize at this level ($58.80) and one could therefore buy a small quantity but with strict stop-loss.
Elsewhere, coffee sharply declined on Monday and I am waiting for a turn around on Wednesday. We shall therefore add position in it on Wednesday morning.
The stock market should remain sideway and may sell-off a bit during todays closing. One can therefore take short position for the next forty-eight hours. (Long term view for dow & S&P is toward hitoric high).
As far as grains are concerned, today they will trade on the side, but I will however not short: I will wait for the next forty hours to give a signal. As a matter of fact, we might buy tomorrow.
To end with, the dollar is doing well and should actually continue to do so, while the Canadian and Australian dollars are very near a major fall. I expect the dollar to move towards a new high of this week.
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Thanks & God Bless
Sharma Mahendra, Tuesday, 6.30am New York