skip to main |
skip to sidebar
Hats off to Dandy Don Norcini who peered into the COT structure and saw the setup for a near term 'flush' in the price of precious metals as the specs were leaning rather hard on the long side.
The pits looked like a gang fight today with the boys in black trying to mug the white knights of the metals who hung on despite fearsome odds. See the video replay below.
No way of telling if this correction is over yet. But the 'short stocks' hedge is clearly working at least for now.
For long term players this is a wiggle and not worth a second look.
Stocks were slumping today off the IMF forecast of an 'alarming risk of a global slump.'
Well Fargo was sued today for making reckless mortgages sending their stock lower.
JPM and Wells both report earnings on Friday.
Alcoa kicked off earnings season after the bell by beating on both earnings and revenues, although not by much. Still, it was 'better than expected.
YUM brands beat on earnings but was light on revenue. US same store comps were up, but were slack to lower in China and rest of the world. The market liked that. Taco Bell, Taco Bell, product placement with Taco Bell.
The market action still has an artificial feel to it.
