6 replies to this topic

[nimblebear]

Nice. .

[Rogerdodger]

When I hear a rumor I question why it was started.
The rumor has been of a large seller at $670.
Was that a ruse?
Maybe there was a large buyer at $670.
You gotta love 'em.

Edited by Rogerdodger, 21 February 2007 - 01:34 PM.

[nimblebear]

Nice. .

Shorts from yesterday are feeling some pain. Glad I didn't follow that fractal call.

Gold rallies on above-consensus CPI
Traders see possibility of further upside for precious metal
By Polya Lesova, MarketWatch
Last Update: 1:26 PM ET Feb 21, 2007


NEW YORK (MarketWatch) -- Gold futures rallied sharply on Wednesday, as higher-than-expected consumer prices in January fueled concerns that inflationary pressures aren't easing, thereby boosting the lure of gold as an inflation hedge.
Gold for April delivery surged $23.50 an ounce, gaining by 3.6% to stand at $684.50 on the New York Mercantile Exchange.
"We have the possible makings of a key reversal," said Jon Nadler, an investment-products analyst at bullion dealers Kitco.com. "Traders cannot literally catch their breath to talk to us, but it looks as if all kinds of stops were being hit and whoever went short yesterday got massacred today, if they didn't jump on early enough."
Market pundits are trying to "grasp for news that motivated this leap," Nadler said, with the main factors being the data on the consumer price index for last month as well as persistent worries about Iran's nuclear ambitions.
"Gold's sharp rebound is apparently being driven by short-covering as opposed to any major news or rethink in the markets," said Brian Dolan, director of research at Forex.com....

Is this a one wonder ?

[hiker]

not a one-day wonder... why do folks short price uptrends? having said that..I have closed new SLV longs today...note the ULT indicator on the weekly....holding on to silver bullion for now, having not sold it on prior spikes...avg cost basis about 4.40 per ounce

Edited by hiker, 21 February 2007 - 01:57 PM.

[Jnavin]

"Why do folks short price uptrends?" Often it's e-wave considerations that usually trump trend-following. But not always...

[Cirrus]

FWIW I have my junk bond funds are nearing ATH's. For me this is massive available liquidity out there.

[Frac_Man]

don't be fooled

..............
just a spike

Nice. .