John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: OX who wrote (3932)	5/29/2001 12:21:11 PM
From: John Pitera	of 33421

Hi OX, yes we saw much CRB weakness towards the end of last week and as gold continues to head lower, that is negative for the global reinflation thesis as well as the AUD. both Gold and the Global reinflation thesis were hit with a burst of cold water when both Germany and France came out with GDP numbers showing deteriation in their economies last week. Australia had a really big trade deficit, which is surprising. Mer is saying that the latest commitment of Traders data has the largest speculative long position in Gold since Feb 1996. 3.9 ounces is what Mer is said to be saying. the August contract is having trouble holding the 275-276 area. The AUD is probably not going over it's 200 dma this coming month... I am expectin a solid retest of the Euro lows of last fall, and probably new lows for the Euro.

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