This post failed to arrive yesterday so I am posting it again. I'll post Midas's comment on COT in a few minutes.
Uncle Obama has a spending problem. The debt burn rate just exploded to the upside on the last day of 2009. The two day net outflow totalled over 200 billion dollars, this blew out last years numbers by over 60 billion dollars.
This now leaves us with 10 days of money in the national check book at this rate until they will have to raise the legal debt limit once again.
This huge outflow must have been what spooked the dollar down yesterday, and caused commodity prices to spike sharply higher, along with gold shares.
So far today it doesn't look like there isn't any real let up. The prior day debt numbers are generally released at 3:00 PM at the US Bureau of Public Debt website. Keep an eye on this debt burn rate, as this could seriously cause a major failure in the US Dollar (index) rally fast enough.
