While visiting Australia, outspoken warmonger Sen. John McCain told ABC TV that Russia is a bigger security threat than Islamic State, based on its willingness to challenge the democratic foundations of the U.S. by interfering in elections.
The Trend Retains the Name
Intro by Vince Lanci and Bon Scott for Soren K. Group
The pattern continues in Gold, with last week's move reaffirming the wave count Enda is using below. Friday's rally puts the market right above the high on the 30 minute chart established in the previous "5". The next "1" would be completed if gold pierced the $1271.21 level. After that, any retracement that holds $1259.78 further confirms a wave seeking final extensions to the $1550 area. A drop below $1247 at this point puts into question the pattern, but does not negate it.
Focus in this holiday-shortened week will turn to US data, especially NFP, Fed speakers and Eurozone inflation. UK PMIs will also draw attention as elections approach. We also get GDP data from Canada, Sweden and Switzerland. In EM, there are MP meetings in Brazil & Israel. On Monday, with US, UK and Chinese markets closed, Euro FX and bond markets will be on Mario Draghi alert on Monday as the ECB president speaks to the European parliament.
NFP, Fedspeak, Eurozone inflation
What's going on with bitcoin?
U.S. markets are closed for the Memorial Day holiday, and with UK and Chinese markets also closed for various holidays, it has been a quiet start to the week, with S&P futures essentially unchanged, trading at 2,415, up 0.06%, a new all time high.