Let’s Debase The Currency Grow the Economy
Same old crap – different day. Spikes to the hearts content.
“Go ahead, blink your eyes and make a wish.”
It started off with a spike to the high and then about 10 hours of eroding prices that took us to the low. The first algorithm buy signal got stopped out for a loss. The second buy signal came near the low and produced a small profit. The third buy signal got us long before a new high, and we got out at the exhaustion level.
Slippage again took its toll today on the long liquidation. I hit liquidate when the market was 1673.96 bid [exhaustion price in the algorithm model was 1673.63] and got filled at 1672.93. As bad as that was, within seconds it was in the 1671’s before basing and heading up violently again within a minute or two.
All in all, we made a few pennies, but as I stated in my other post, these extreme spikes/drops play havoc with the algo; and there isn’t anything we can do about it.
Gold actually was going down and looked like it was going to test the low before Bernanke’s released remarks set off today’s price explosion.
The “Lemmings in Asia” will most likely bid up gold tonight, and if I can get a decent entry price before the open in Asia, I’ll make the long trade. It looks like tomorrow’s trade will test 1700 at the least.
Crude oil?
A 112 tick range at 2:15 P.M. makes this market not even worth commenting on today.
Have a good day everyone.
-vegas
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