Bernake Bites Back

So far this has been a pretty good day, but the longer DBA trades below 42, the more inclined I am to get out of the trade. Ultra Shorts SKF, SRS and TWM are working very nicely today, up ~3%. FXY and FXF continue to trade higher as there are more carry trades unwinding. Of course, SLV, GLD and OIL are trading higher, these babies are hot like Jonbenet Ramsey. GDX has been trading nicely as well. EEB is trading down quite a bit, but remains technically strong. If fears of global recession take hold, this could revisit January lows.
On another note, I’m loving Ben Bernake right now. Too many blogs shit on his head, and he seems to have a pretty good grasp of the problems at hand, and even recognizes the limitations of his policy. A senator, who may have been the illustrious Chuck Schumer, suggested delaying mark-to-market actions; Ben scoffed – way to go Ben! With lower interest rates on the horizon, inflation and diminishing credit market liquidity will bring tons of fish for the fishermen in the gold stream… heh. Mmm, it’s hard to remember a lot of the testimony, so fucking smoky in this room.