Where Could You Have Hidden From Today’s Widespread Decline?

Where Could You Have Hidden From Today’s Widespread Decline?

Not too many places, as you can see at a glance:

futures heat map march 7 2011

Today, as usual, most markets were highly correlated. (Source: Barchart.com)

But a big tip of the cap to gold and silver, which each put in strong days – gold set a new all-time intraday high near open, while silver closed at a 31-year high. (See: WSJ.com)

Sentiment couldn’t get any more pessimistic towards the dollar, which is getting a lot of crap for failing to rally during this crisis.

But if the buck springs higher – which I think it will, if only because everyone is on the short side of this trade at the moment – it will be interesting to see if gold and silver (finally) pull back a bit.

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