I am saddened by today's tragic event. I do hope that everything will be handled rationally, and that means no sudden moves by the Federal government or the American public. The shooting should not compromise amendments, or access to public servants. It should also not be used to further the Hegelian dialectic, but that has already happened. Such idiots like Krugman have already laid judgement on the population. This was the act of one deranged person, maybe with an accomplice. There is no room for political discourse on this subjects. It does not matter what the shooter intended. He showed a contempt for life, and the discussion should end there.
That being said, this will be an interesting week for the markets. First, oil production ramped during late '10 and this spike gives the world another breathe of fresh energy. However, if that spike was the peak, then it could be the last gasp. M K Hubbert predicted the top in oil production would occur in '10, maybe he was right. The last time oil production spiked was the summer of '08, right before the crisis started. Will it happen again this time?
Then again, and most likely, production will not fall onto the downside yet, but maintain the bumpy plateau for a few more months if not a few more years. With energy comes credit, which makes the other credit source of the bankers less valuable. The other credit source is precious metal. This is the crux of all economics, which is why prices of precious metals and oil are so closely watched.
Support is being tested by precious metals, and the Euro. The Maul of Gaul is in full swing, and even if the Euro falls, The Trinity of precious metals will do their best to not go down with the ship of FIAT. Resistance is being tested by oil and the dollar. The dollar appears strong only because of the Euro. It must be that in finance a strawman arguement holds up. A pity, really.
The range is wide open for anything, and I feel like I have no idea what will happen. But there is no need for alarm, because precious metals are the ultimate long term wealth preserver. Worry not, but prepare accordingly. Get ready for a crazy week.