American markets took a breather today, as the Dow closed down 112 to 12,582. That much, at least, we did foresee.
The Euro, oil and gold continued their meteoric rise, however, despite my anticipation to the contrary. All three closed at all-time highs. While I am medium term bullish on all three of these markets, I clearly underestimated the strength that lies within. That strength, of course, is completely rooted the ongoing collapse of the US dollar. With the Sun applying to the natal Jupiter in the gold chart it seems unlikely that we will see a pull back. $1000 is likely next week or the week after as this conjunction perfects while Mercury and Venus apply to the Ascendant. This will be another clue about which gold futures chart is correct by the way. We can watch for when Venus crosses the respective ascendants. The 9.45 am chart has 28 Cap rising which Venus crosses March 6, (this will have the Sun just past the natal Jupiter) and the 10.00 am chart has 4 Aquarius rising which Venus crosses March 11. The Venus conjunction to the ascendant should see a strong rally, regardless if it is past the psychological barrier of $1000. The Sun to Jupiter is also a good indicator of a milestone such as this, so it may well happen in the next 3-4 days. I would bet on March 7 as the most likely day for gold to hit $1000 as the Moon joins the Sun close to Jupiter at 19 Aquarius. I think we're still at least a couple of months away from the top of the gold market.
Tokyo finished lower at 13,900 while the Sensex showed surprising resilience to remain unchanged at 17,824. Both indices will decline tomorrow taking the lead from NY. I think the BSE is likely to have a tougher go of it, however. Looking ahead, I think the general bias on the BSE is negative for the next few months. There may be short lived rallies that may return to current levels (18k), but look for deeper troughs. March 5th seems to be the beginning of the testing of some recent lows at 16,800. I think we will fall below there in March. April looks similarly negative in sentiment.
