NEWS FLOW DOMINATES TRADE

                                      The Stream Never Stops

A major stop hunt overnight in gold, as the 1550 area got briefly breached around midnight Chicago time. After that it was off to the races as the market raced to the 1560 area. From there, really nothing of note trading wise until the U.S. opened and then things got crazy [imagine that?].

News out of Europe, specifically Greece, were hot and heavy all morning; first one bombshell, then another. Gold got buffeted around pretty good as the EURUSD came under some good pressure to the down side.

I got long 2 times today, and both times got decent fills on entry. The first long got stopped out on a major mystery tick near the low of the move. I reentered the trade and took profits at 1557 on a limit order to sell. Not much net when it was all over as I had to make back the first loss. So, an incremental gain.

With everything that has happened in the last 48 hours, it feels like some money flows are supporting gold around the 1550 area for now. Market efforts to get price lower down near this area were very short-lived today. Unless Greece actually defaults, or officially leaves the Euro currency, it feels like we are basing for some kind of bounce in gold and the currency pairs.

The EURUSD is oversold, but that doesn’t mean it can’t get more so. At some point here, we should get some kind of blistering short covering rally where we can get a sell signal. We’ll see what happens.

Our new PAMM is ready for us, and if you currently have a PAMM investor account at HotForex and haven’t received my help file [for the easiest transition possible], email me and I will send it to you. Everyone should be now starting the paperwork for the change.

If you aren’t currently a PAMM investor, but want to be, email me and I will give you the necessary details of our new location and what to do to get started.

Have a good day everyone.

-vegas

 Update

Looks like somebody got really nervous going into tomorrow as gold has broken $16 after the Comex close; now under $1550 down at 1542 - 1543. Stock market weakness [especially the darling of hedge funds AAPL] has seen the SP500 slip 12 full index points in the last hour of trading. Some currency weakness [dollar strength] but nothing like stocks and gold. Are we looking at a test of 1500 in the next day or two, and what will the "Lemmings in Asia" do tonight seeing this weakness?

"Oyyyyyy."