The global economy is darkening quickly. But no VIX spike, just steady trading without too much concern. In fact, I heard more that one person on Fast Money mention this as a good buying range and that the market could go right back to 1200. I don't think so. The Chinese cat is out of the bag. Europe has done nothing. And US is the most overpriced of them all.
The moves today smell of total give up and liquidation in the metals, copper down 6%, silver down 16%, gold down 5.5%. These are total liquidation moves, with no care for price, just get me out type of trading. The fundamentals are still bright for gold, but when you have so much pressure from outside market forces, you get days like today. Gold is extremely close to a bottom.
Still on course for the waterfall decline, with bottom targets somewhere between 1040 and 1080.
Subscribe to:
Post Comments (Atom)
Posts
3 comments:
Some very smart people say Greece defaults next week...stay tuned.
Anyone who went long Friday took a total gamble. 50/50
thats not how i trade.
1040 is right because obama wants ur taxes on your 1040
Post a Comment