Milton Trades Gold
Join with me, dear readers, in hoping the Asian trade tonight finally goes negative on gold. Like lemmings over a cliff, these guys buy it religiously every night, and just like the sun coming up in the East, the dealers sell it in the European and/or U.S. sessions. Oyyyy!
Of course, last night was like every other night this year, with gold drifting higher only to sell off slightly before a sluggish U.S. session that saw prices meander most of the day. How’d you like that $15 range today? [Oh wait, almost $17 since the blip up after hours at 2:30 PM so the dealers could take out some buy stops. “Thanks, please come again!”]
Rumors from the Fed, leaked to the WSJ, that further Fed easing isn’t out of the question rallied stocks, which to Weimar Ben is all that matters at this point.
“ALL ABOARD, risk on is departing the station!!”
Quick, violent price spikes/drops continue to plague this market and play havoc with stop placement. Add to this dealer slippage, and you have today’s trade. The algorithm did remarkably well today, considering the circumstances and type of trade; but the algo doesn’t measure stop placement.
Have a good day everyone.