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The more you think it's changed......
The more it stays the same.
(warning--those who know me, this could be a classic Traderneal rant--those who don't, that means I turn off the profanity filter. You have been warned.
Gold once again last night was up $10 only to be slapped down in Europe. Nothing new there. Retail sales were a joke when they were announced today at 8:30am, the reaction in the dollar was a quick flush down with the Euro going over $1.49. Gold, in turn had a nice rally and threatened to take out Sunday's night highs of $915. I guess someone, somewhere had decided to step in and halt the dollar's rout, as out of nowhere the dollar rallied back to the flat line. This, in turn led to a HUGE sell off in gold as it then gave up all it's gains and at one point during the CRIMEX session was off $8. In all almost a $25 reversal. Gold managed to close down roughly $1 and change. However, once the access session started, the gold bear pussies stepped in and did their job sending gold down another $15 by 5pm.
I really thought gold was past this type of shit. Earlier in the day, I had sent an email to a buddy commenting that I was impressed that gold seemed to be in stronger hands given the fact that it was much higher in the face of sinking crude and a market that knows no lows. BOOM! Then gold gave it up. The selling pressure must have been immense. The dollar was flat and gold reversed for a total of $25.
I really thought this time around gold was see all through the bullshit that is thrown its way. Yes, I wanted gold to correct some, but ON ITS OWN TERMS!! Not some manipulated rally in the dollar. Needless to say, the gold stocks which were holding their own before the reversal, got absolutely smeltered, with the HUI down over $20 at one point. NEM acted like the leader it has become once again, closing down a dime.
So where now. Well, it appears gold is still in the hands of a bunch of pussies. I would look for it to be killed over the next few days barring any economic news such as a rate cut. How far down? I have no idea. But hopefully it will the kindlier and gentler correction that gold has been having.
INTC shit the bed tonight and as of 5:30, the S+P futures are down 13 on top of the 35 they fell today. The NASDAQ futures are down 40. Tomorrow should be fun.
Tonight on Fast Money, as of 5:30, gold has not been mentioned. But Guy Adami, who bulled INTC last night, gave a simple"I am sorry." That's all. Funny, but no apologizes for NILE, which was down another $5+. That about 15 points since Thursday night.
People ask me why I get so pissed on days like this. I compare gold's action from today, as if someone came into my house and stole everything I owned. It is theft, pure and simple.
The only ray of sunlight about this debacle is that the gold going to $1000 talk might lighten up.
I am in a mood. I might be back tonight.
(warning--those who know me, this could be a classic Traderneal rant--those who don't, that means I turn off the profanity filter. You have been warned.
Gold once again last night was up $10 only to be slapped down in Europe. Nothing new there. Retail sales were a joke when they were announced today at 8:30am, the reaction in the dollar was a quick flush down with the Euro going over $1.49. Gold, in turn had a nice rally and threatened to take out Sunday's night highs of $915. I guess someone, somewhere had decided to step in and halt the dollar's rout, as out of nowhere the dollar rallied back to the flat line. This, in turn led to a HUGE sell off in gold as it then gave up all it's gains and at one point during the CRIMEX session was off $8. In all almost a $25 reversal. Gold managed to close down roughly $1 and change. However, once the access session started, the gold bear pussies stepped in and did their job sending gold down another $15 by 5pm.
I really thought gold was past this type of shit. Earlier in the day, I had sent an email to a buddy commenting that I was impressed that gold seemed to be in stronger hands given the fact that it was much higher in the face of sinking crude and a market that knows no lows. BOOM! Then gold gave it up. The selling pressure must have been immense. The dollar was flat and gold reversed for a total of $25.
I really thought this time around gold was see all through the bullshit that is thrown its way. Yes, I wanted gold to correct some, but ON ITS OWN TERMS!! Not some manipulated rally in the dollar. Needless to say, the gold stocks which were holding their own before the reversal, got absolutely smeltered, with the HUI down over $20 at one point. NEM acted like the leader it has become once again, closing down a dime.
So where now. Well, it appears gold is still in the hands of a bunch of pussies. I would look for it to be killed over the next few days barring any economic news such as a rate cut. How far down? I have no idea. But hopefully it will the kindlier and gentler correction that gold has been having.
INTC shit the bed tonight and as of 5:30, the S+P futures are down 13 on top of the 35 they fell today. The NASDAQ futures are down 40. Tomorrow should be fun.
Tonight on Fast Money, as of 5:30, gold has not been mentioned. But Guy Adami, who bulled INTC last night, gave a simple"I am sorry." That's all. Funny, but no apologizes for NILE, which was down another $5+. That about 15 points since Thursday night.
People ask me why I get so pissed on days like this. I compare gold's action from today, as if someone came into my house and stole everything I owned. It is theft, pure and simple.
The only ray of sunlight about this debacle is that the gold going to $1000 talk might lighten up.
I am in a mood. I might be back tonight.
posted by Neal | 5:17 PM
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