Or, He Was Short Gold
Unbelievable action in gold today; pure and total boredom for 20 hours then $25 / oz. in 90 minutes. Severe price spikes that come out of nowhere, leaving you wondering what the news was [errrrrr, there wasn’t any, and that’s part of the problem].
I started the day off trying to position a “free trade” on the upside. I did this twice in the wee hours of Asia, each time the market not cooperating. A few pennies of profit.
“OK, you wanna go down, then go down.”
Twenty hours later with a $10 range, gold is giving me a headache. The algorithm, as you all should know, is no help in this kind of environment. I’m literally sitting here wondering where the day’s range is going to come from, if at all. Wonder no more.
Hopefully, we can get Asia to cooperate with some quick profit taking tonight, and I try again to position a “free trade” on the upside. Looks to me like the buying isn’t finished, and before we can correct to the downside, we need some kind of price spike in either Asia or Europe to bring the market to an overbought status. We’ll see.
And lest you think it was boring for 20 hours in just gold, crude oil had only an $ 0.84 range before it decided to go $0.50 in 1 minute before giving it all back in the next ten.
So, we stay disciplined, and tomorrow is another day.
Have a good day everyone.
-vegas
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