Feels Like Your Typical Gold Trade
Six hours straight down followed by 3 hours almost straight up. Pretty much sums it up in gold today, as position squaring for the weekend almost guaranteed stops on both sides of the market would get taken out and shot.
I continue to pick my spots with low volume given current market conditions. While boring, incremental gains beat losses hands down. This too shall pass. Meanwhile, we move the proverbial ball forward.
So what’s the deal with crude? Again today, we have a market that is almost comatose; stuck in a very tight range until the end of the day when they squeeze weekend short positions to put in the range. Getting long and hoping they squeeze the shorts at the end of the day isn’t a strategy.
Have a good weekend everyone.
-vegas
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