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swissaustrian

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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.

:popcorn:
 
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
 
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...
 
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.
 
swissaustrian said:
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.
Click to expand...

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.
 
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 %
 
Horray, I love the smell of manipulation in the air! Just in time for the purchases I was planning for tomorrow. :popcorn:

I am so glad I didn't pull the trigger earlier in the week! :cheers:
 
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.
 
ancona said:
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.
Click to expand...

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.
 
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.
 
Quite rare plunge by the DOW into the weekend, usually we get a zero volume meltup during the last hour of trading.
 
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 :D
 
Tee hee, yup, still short aapl.:banana: 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.
 
As I posted above, that move in gold right before the COMEX close was weird:
With continued volatility in gold and silver, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar told KWN the European banking system is stil on fire, and we are now seeing bank runs in both Spain and Italy. He also stated that today’s trading at the end of the day in gold was very “odd.” Here is what Caesar had to say about the situation: “We had been having a recovery in the price of gold recently, but then gold was taken down around 1:15 pm today. There was quite significant volume in the last 15 minutes, before the COMEX closed.”
Caesar Bryan continues:
“There were 10,000 contracts traded, which is something like $1.5 billion, and gold fell precipitously, from about $1,665 to about $1,650. This is very odd trading on a Friday afternoon when there was no other discernible movement in other markets.
Click to expand...
http://kingworldnews.com/kingworldn...cious_$1.5_Billion_Gold_Dump_&_Bank_Runs.html
 
The way I see it, every smash and grab is merely another opportunity to buy more physical and take it out of the control and ownership of the Brotherhood of Darkness.
 
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