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In April Itz alerted readers to pay close attention to the Australian Dollar Index $XAD, noting as follows..."oil rallied and is approaching the recent $87 highs. Itz is keeping an eye on the Australian dollar $XAD, it has over the past few years peaked as oil has peaked." >>READ
I couldn't help but smirk as CNBC's Rick Santelli pointed out the move in the Australian Dollar and that it has not been a closely followed indicator....um I guess he's not a reader of this blog?
Below are some updated charts.
Oil is cheap, but could get cheaper, as can the S&P500. The markets are continuing to deal with uncertainty and the hedge funds are reducing risk. For those who watch Fast Money Half-Time today, veteran trader Mark Fisher made a very insightful comment that was spot on. He noted that Gold is Not the global currency and that traders are chasing the wrong sector. He believes that Oil/Energy should be bought. Exactly how Itz is positioned,actually Itz Stock Chartz strategy is to buy energy & industial metals, oil, coal, silver, copper platinum & palladium.