A Resilient Week
Not much to report today, as markets are being manhandled due to extraordinarily thin summer volumes. In fact, the VIX Volatility hit a five-year low today, as TPTB prevent the Dow from EVER declining.
PMs have been extremely resilient this week, steadily turning what was once resistance (at $1,600 and $27.50, respectively) into support. Anything can happen, but right now it looks like the summer doldrums have taken over – at least for now.
Andrew C. ("Ranting Andy") Hoffman, CFA
Miles Franklin Ltd.