Overnight actions by the Bank of Japan jump-started the equity markets to seven-year highs in that country, plunging the Japanese yen to its lowest levels since 2008.
The Bank of Japan's big market-moving announcement was that they will triple purchases of exchange-traded funds and real-estate investment trusts. This was clearly a big surprise to all the markets and it sent a big message to the currency markets. This will affect all the other Asian countries as they too will be forced to compete against a cheaper Japanese Yen. Can you say that the currency wars are just starting?
The move by The Bank of Japan (BOJ) was all that was needed to send gold and crude oil prices crashing to the downside.
In today's video, I'll be looking at the U.S. Dollar VS the Japanese Yen (FOREX:USDJPY), gold (FOREX:XAUUSDO) prices, which gave a major sell signal today and crude oil (NYMEX:CL.Z14.E) prices, as they continue their downward spiral.
I'll also be following up on some of the stock picks that I talked about earlier this week:
Apple Inc. (NASDAQ:AAPL)
Alibaba Group Holding Limited (NYSE:BABA)
Facebook Inc. (NASDSAQ:FB)
Allergan Inc. (NYSE:AGN)
I'll also be looking for some stocks to trade over the weekend with "The 52-Week New Highs on Friday" trading rules.
As always, I welcome your comments and feedback. Please feel free to leave a comment or question below this post.
And don't forget follow us on Facebook and Twitter.
Have a great weekend everyone,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
