USD: showing the way

This morning in Europe we have tested yesterday's highs on March's SPX contracts at 1112.75, the same time NDX's ones have missed previous high by about 2 points. Also we've seen a  sharp rally in  all currencies against USD, bringing USD index to its trend line going since mid January.

The price action which actually followed suggests that we have finally rolled over and, at present, entering new phase of dollars appreciation and sell-offs in all classes of risky assets.
 This scenario will be validated by crossing 81.5 on the USD index.

A tough call

In the time of rush on gold, I'd like to share my call on Silver:
We gonna put a top in coming days under the 08' highs, the most likely around 19.40 for the ETF (SLV). This top has a very good chance to stay for more than a year, and if the markets plunge in the second wave of deflation, as I expect, we'll see silver under 08' October's lows of 8.50.

"Les carrotes sont cuites"

That is coming to my mind right now, - a famous french expression which was a code message to the French Resistance (to start their operations), broadcasted by BBC before the allied invasion of Normandy.