It seems like every day Europe sells everything in sight, then when they close at about 9:30 A.M. [Chicago time], as if somebody shuts the lights off, markets turn on a dime and rally like crazy into the close. Rinse and repeat almost every day.
It’s frustrating dealing with these European bozos on a constant basis. They skew gold, the currency pairs, and equity and bond markets; close them down and markets trade on a more normal basis. Why should today be any different?
I thought the “Lemmings in Asia” were a pain; they’re nothing compared to the unbridled selling of everything with a $ sign on it just so they can keep their bankrupt banks alive for another day.
If I could round up every politician, I’d line them all up against the wall and ………
Today we find out from the politicos that Greece has no money and maybe they shouldn’t get any more; gee, ya think? And Spain nationalized some banks; yea, that will solve the problems. Of course, this hammered gold and the currency pairs, and within minutes we were sharply higher. Seems somebody had to get the final sell stops below the market.
Go ahead, call me cynical, but the outright blatant manipulation going on is shocking to me. Sure, I have seen a lot of things in my trading career going back into the late 70’s, but I haven’t seen anything like this. It’s breathtaking and disturbing at the same time.
Have a good day everyone.