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Old 04-13-2012, 07:47 AM   #1
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Doodoo I smell fear this morning, fasten your seatbelts!

Looks like today's trading in many asset classes (stocks, currencies, pms) is going to be a wild ride.

Chinese economic fundamentals were far worse than expected.
Money markets are deteriorating further.
European banking stocks are crashing.
European sovereign CDS's rising.
PMs are moving weirdly since the CRIMEX opening.

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Old 04-13-2012, 07:59 AM   #2
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We have Michigan sentiment and bernanke speaking later. At this point, PMs are consolidating in the pre-market. Down 5-11 on gold after 4/5 days up.. net/net gaining around 60 bucks. not a wild move but a good bounce. We need some follow through
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Old 04-13-2012, 08:00 AM   #3
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Fridays are usually green for PMs, but who knows what bombshells will be released after trading closes. Bad news generally gets released over the weekend when there are less people paying attention...
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Old 04-13-2012, 09:23 AM   #4
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As of now only European stocks got slaughtered (-1.5%) after the US opening. Everything else is down only modestly (-0.5%). Some miners also took a modest hit.
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Old 04-13-2012, 09:28 AM   #5
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Nice day to be short aapl.
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Old 04-13-2012, 09:31 AM   #6
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Gold is holding up remarkably well so far. Even green in Euros.
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Old 04-13-2012, 09:31 AM   #7
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Originally Posted by swissaustrian View Post:
As of now only European stocks got slaughtered (-1.5%) after the US opening. Everything else is down only modestly (-0.5%). Some miners also took a modest hit.
Miners are giving back 1/2 their advances while gold sells off.. Not particularly bullish action IMO. We really needed follow through to signal an "all clear".

the HUI needed to hold 451 and that looks like it's being tested. If we can bounce off of that level and take out yesterday's high, it will be a good sign. Right now, it's kind of sad how poorly the miners are acting.
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Old 04-13-2012, 09:54 AM   #8
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Top 5 loosers Eurostoxx 50 (3 banks and 1 insurer)

AXA SA
-4,94 %

SOCIETE GENERALE SA
-5,21 %

REPSOL YPF
-6,10 %

UNICREDIT SPA
-6,46 %

BANCO SANTANDER SA
-6,48 %
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Old 04-13-2012, 09:56 AM   #9
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Oil and gold are today's outperformers...
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Old 04-13-2012, 10:10 AM   #10
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Originally Posted by swissaustrian View Post:
Top 5 loosers Eurostoxx 50 (3 banks and 1 insurer)
'Loosers' = that would be people who untie shoelaces?

'Losers' = that would be people or organizations who lose.
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Old 04-13-2012, 11:11 AM   #11
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Horray, I love the smell of manipulation in the air! Just in time for the purchases I was planning for tomorrow.

I am so glad I didn't pull the trigger earlier in the week!
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Old 04-13-2012, 11:21 AM   #12
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It is shaping up to look like a whole lot of "risk off" for some reason. Although, everyone knows the banksters get info before anyone else, so that could be why we're seeing commodities softening up a lot today.
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Old 04-13-2012, 12:00 PM   #13
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Originally Posted by ancona View Post:
It is shaping up to look like a whole lot of "risk off" for some reason. Although, everyone knows the banksters get info before anyone else, so that could be why we're seeing commodities softening up a lot today.
The only news was China's GDP numbers missing so that put pressure on silver, copper and gold. Realistically though, it's not warranted because it makes overt QE that much more likely.
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Old 04-13-2012, 12:16 PM   #14
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I think the Fed is backed in to a corner on QE3 personally. If they do it, they crush the dollar and vault the PM's they so despise [at least publicly that is]. If they do not, the market throws a tantrum and plunges a thousand points in a week or less. It is a guarantee that if the Fed says outright "No QE3 under any circumstances for the foreseeable future" that we have a planned, fully orchestrated market crash.

I'll bet anyone who thinks otherwise ten bucks that I am right.
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Old 04-13-2012, 12:19 PM   #15
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Snidely

Bang into the CRIMEX close out of nowhere
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Old 04-13-2012, 12:29 PM   #16
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Somebody is aggressively buying the dip in gold.
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Old 04-13-2012, 02:55 PM   #17
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Lightbulb

Quite rare plunge by the DOW into the weekend, usually we get a zero volume meltup during the last hour of trading.
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Old 04-13-2012, 03:17 PM   #18
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Somebody needs to sell bonds? Gold down too? Perfect setup.
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Old 04-13-2012, 03:22 PM   #19
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The sudden gold selloff might have been margin calls or flat out manipulation into the COMEX close.

AAPL was down quite a bit today, wasn't it
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Old 04-13-2012, 04:52 PM   #20
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Tee hee, yup, still short aapl. Very long AGNC and gold (in various forms), a little FCX, still green. Nice day from my pov, coulda-woulda bought more fcx at the bottoms, or shorted more aapl - I was watching that transfixed and didn't pull the trigger on more in time, so I didn't pull it at all - then was out half the day doing errands. Missed the oil moves entirely this time, thought I'd get a lower entry a few days back than I could have, so no go on that either. I'm guessing there will be more chances.
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