Commodities up day
Commodities up day today. After reports of huge losses at several hedge funds due to last week’s collapse in oil and silver, we see Silver up 6.5% and oil up 5.5%. Vvol is huge, short gamma guys are exploding, but we hope they didn’t sell out all at rock bottom. As we wrote before ( http://www.thetrader.se/2011/05/08/silver-why-are-forward-rates-negative-again/) we expect the Silver bounce to max 40 Usd.
But what is going on with JPY? Intervention time soon?