Norcini – This May Accelerate Into Full-Blown Panic & Collapse
May 30, 2012
With global stock markets recently under tremendous selling pressure, today King World News interviewed highly acclaimed trader Dan Norcini. Norcini correctly predicted the current downturn in global markets back on May 11th and today he issued a further warning. But first, here is what Norcini had to say about the recent action in the markets: “There was a sea of red on the global stock markets today. We had a pretty good hit in the Asian and European markets. This was followed by downside action in the S&P and Dow, along with the Nasdaq.”
Dan Norcini continues:
“There is still continued fear regarding the Spanish downgrade of yesterday. There are also ongoing fears about Greece leaving the eurozone. The euro just made a new 52 week low against the dollar. The Swiss franc also made a new 52 week low against the dollar.
As you would imagine, this means the US dollar index is hitting new yearly highs. The yen is also moving higher. Remember, the yen tends to rally against the dollar when you get a safe haven bid. The 30-Year and 10-Year US Treasuries both just hit a new all-time highs.
So there was a steady rush of buying in the safe haven markets. The surprise for many was the action in gold today. Gold came off the lows and rocketed higher….