Since the first of jan 2 out of the 36 trading days have closed above a 1% move and none closed above 2%. All with the worlds oil basin on fire and deteriating to oblivion. Gold is lower than it was since all this turmoil started. The largest country in the middle east falls and gold gets sold off for 100 dollars.

That doesn't surprise me much. Sell gold, buy oil. What's to understand? There's no cash on the sidelines in the futures market. Everyone's leveraged to the max, so you have to sell X if you want to buy Y. Besides, most futures trades are paired - long X - short Y. So, what would you sell against oil?

And who said the world's oil basins are on fire? Libya only produces a fraction of world output, and most of that's in the hands of the opposition, who have clearly won. It's only a matter of days now until Daffy's bullet riddled corpse appears on Al Jazeera. My bet is his own guys will turn on him to save their worthless hides - that's usually how it works in that part of the world. Egypt, and Tunisia? They can barely supply their own needs. As for the gulf states and Iran, their time will come, but not today.

ebear