World markets were up across the board Monday, more or less in keeping with our forecast for a bullish opening to the week. The Dow closed 189 pts higher at 12,570 while the S&P finished up 18 pts at 1371. Bombay and Tokyo were also up significantly in keeping with the forecast. Tokyo has opened Tuesday trading above 14,000 on the Nikkei for the first time in several weeks. The Sensex closed at 17,650 up 301 points.
Oil climbed to over $99 while gold pulled back to $938. Gold failed to rally as forecast, so tomorrow looks like a better candidate to pass $950.
The Euro held its own today closing at 1.483 against the dollar. Our prediction of a midday sell-off largely came true as the Euro declined starting after 11.00 CET and tested the 1.48 level over the next couple hours.
While Asian markets may eke out another up day Tuesday, I think the American markets will be mixed at best and likely headed lower by the end of trading.
