Amazon recovered after the White House said it was not following a policy of targeting Amazon. Tesla won a relief, recovering 6%. Equity markets were oversold and reacted as one might expect on no further bad news, also supported by improvement in US car sales. San Francisco Fed J. Williams will take over the New York Fed Presidency from retiring B. Dudley which was also taken positively and the S&P gained a little over 1%. Bonds were slightly weaker and the dollar slightly stronger and gold gave back some of its recent gains. We find the recent launch of a gold backed Chinese oil future contract an extremely positive development for physical gold which will express itself over time as more oil gets sold in CNY away from the USD.
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the data calendar is busy for the rest of the week and will likely dictate short term girations.