We closed the week with a decidedly risk-off day. Worldwide, equities reflect this sentiment best.

The posture began in Asia where China’s economy met GDP expectations. However, neither Hong Kong, nor Shanghai, nor Tokyo was much impressed.

The U.S. consumer price index gained just 0.1% in March as a drop in the cost of food partly offset a reasonably robust rebound in gasoline prices. That gives rise to speculation that the Fed will not raise interest rates.

We have our eye on two areas today: the U.S. and China. It is a tale of two economies. One is obviously more mature than another. One sends out reports that often seem fictional in nature yet helps to drive markets.

As of midafternoon, West Texas Intermediate is up around 4.5% with Brent North Sea Crude following closely behind.

This is because reports are saying there is an alleged deal between Saudi Arabia and Russia in the run up to Doha this weekend. Yet, Iran has already said it will attend the meeting though it will not talk cuts or freezes in production.

Today’s big news is coming from gold and the rest of the precious metals complex.

Gold is up 1.35% and silver is up 3.50%. Platinum higher by 2.25% and palladium is bringing up the rear with a 1.00% gain.

Much of the action is chart based, which will be discussed in our video today and in Market Forecast. Oil is strong; equities are modestly higher.

The oil gods must be crazy. West Texas Intermediate was down, then, up; down and finally up as the weekends, with prices rising 8.00% for the week. The vast majority of that rise came today.

All eyes are on the yen, which has become far too strong for the good of Japan and perhaps for the world. It is not only the strengthening of the yen against the U.S. dollar, in particular, but the astronomically fast pace of the rise that is scaring the financial world.

Despite an impressive surge in oil of almost 5.00%, today saw only a mild risk-on sentiment in other markets.

OK… which is it?

Is the U.S. economy at a standstill as some data-mongers are saying because the huge, hole-filled umbrella called “growth” is hovering slightly above zero?

Or is the U.S. economy booming because we are adding 200,000 to 220,000 jobs per month while there are still 5.5+ million job openings?

Oddly enough,  important indicators in all markets fell, as money pulled back to reconnoiter about the Federal Reserve, interest rates and the U.S. economy in general.