Risk On Markets Poised for Strength

Israel and Hamas continue to preserve a truce, the EU still has not agreed to terms that would release the next tranche of bailout funds to Greece.

Spain still has not asked for help despite ECB Head Draghi's reassertion that he is at the ready to buy sovereigns, if only someone would ask!

And there is the US Fiscal Cliff issue, which does not seem to be sizzling on the front burner any longer, does it?

I am not sure what implications each of the aforementioned conditions has on the markets, but I am certain that our risk-on representatives, Gold, the e-Mini S&P 500 (e-SPZ), and EUR/USD, all appear poised for upside action in the hours directly ahead.

This is especially true for Gold, which now has a beautifully rounding EURO creating some tailwinds, while the e-SPZ appears to be benefiting from a strong Thanks-giving holiday seasonal.