Fundamental

The British Pound has been gaining very strongly against the US Dollar this week, but there are early signs of a bearish double top at $1.3850.

The USD/ZAR not only has broken below the important psychological level of 16.00000 in the past couple of days, but is now trading near the 15.74000 realm with fast trading easy to see.

The S&P 500 has spent the bulk of January, perhaps doing so in order to work off some of the excess that the markets have seen for the last several months before.

Silver has been very noisy to say the least, mainly to the upside obviously during the month of January as well as several months before. All things being equal, this is a market that I think is going to continue to see a lot of noisy and bullish behavior, but a short-term pullback from here…

The Nasdaq 100 has gone back and forth again during the month of January continuing the sideways action that we had seen in both November and December. Ultimately, I think this is a market that is trying to do everything they can to break above the 26,000 level.

While silver has been taking most of the headlines, it is worth noting that during the month of January we saw gold piercing the crucial $5,000 level, an area that I thought it would be months before we took out.