From the "Gold Chart" post earlier today
"P.S. Around 3:20 NY Time some downside hedges went back on (gold 1130ish and SP futs 1105). The stock market is bifurcated between big caps and the broad index. Probably year end shenanigans but it makes me edgy. Probably another little cut and bleed, but it helps me sleep."It bothers to no end that they cannot get it back up to the top of the range.
That, and the bifurcated market in equities, favoring the big names over the broader markets. Looks like window dressing.
Volumes are high frequency gossamer. The 10 Year Treasury Auction results yesterday were odious. But, it is never this obvious or easy. The downside looks magnetic.
A twist is that gold has been traveling with the SP 500 these days. When that reverts to the 'norm' it is going to be a new ball game.
Worry worry.
