Spain Minister of Economy declares all is fine with Bankia - banking group hammered by Rating Agencies yesterday, adding there is no need to panic and that this is a solid institution. No comments. Anyone up for a quick 1 USD bet that Spain might exit the Eurozone before Greece?

Meanwhile, the US Dollar gains more ground, and only loses terrain to the Tokyo coin. We were too comfortable with the technicals on the Yen, and did not predict its massive gains yesterday. Sterling, Canadian, Aussie, Kiwi, all flushed down along with the most important global indexes. So, what to do? As we have recommended all this week, think big picture, meaning gloomy big picture. Sell on hourly rallies, start taking a long term look at gold and silver, some gold and diamond stocks.

Be ready for weekend news.

Have a great one,

Antonio

the EURUSD remains in its broad trading range of 13000-13400... of course at this time, the voices are more calling for a direct downdrift into the 12000ies but beware of yet another squeeze up to 13300 or so... think this trading band is very significant and any break of 13000 or 13400 on a daily basis could give the next 500 pips or so... don t be a early bird..... we remain pretty bearish on commodities and their currencies and think the next bigger move will be in there... aud and cad are favorite slaughtering candidates... the positionning in both is still extreme and a surprise fall could come any time... targets for an audusd break would be 80 cents and for usdcad 11600 ... it will take some time and patience though... gold will probably tank to 1575 shortly and any deflation ghost can send it once again to 1200 or so  before the next leg up... have a great easter break... dan

"Sincerity is the first casualty of capitalism." John Burdett