The issue of today's market is that because central banks are the real buyers of assets while keeping rates low, there is no remaining short-seller.
Under such circumstances, gold should be going to new highs, but gold is under heavy pressure today.
The Yen is heavily sold, while the US$... is also sold.
Oil is also very strong today, pushing energy with it. Probably the result of the Chinese territorial claims being dashed by independent courts. This probably means a cold war starting between China and the US, with its side effects: China selling US Treasuries.
I have a 10% short position (underwater) in this market, hoping that the earnings season will bring "value" to the front burner instead of Central Banks. Probably wishful thinking...
Pascal
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