W. E. Pollock: ZIRP the Wrong Tool For the Job

Gold Daily Chart

Gold had a spectacular run the last two weeks, with only occasional pullbacks such as we had today.

Let's see if gold can hold together into its option expiration next week on the 26th.



Option Expiration Schedule at the Comex

SP 500 and NDX September Futures Daily Charts;

Very quiet expiration for August stock options today.

Q2 GDP second estimate next Friday the 27th.


SP 500

The SP was under pressure all day, but there was a bump up in the afternoon to bring them back to the pivot point around 1070.



NDX

The NDX broke cleanly down out of the rising wedge, so there may be more work on the downside. Potential bear flag that we will have to watch.




Heard on the Street

05/24/10 Goldman adds CME to its conviction buy list. Closing price $323.01
08/12/10 Goldman removes CME from the list. Closing price $249.39

What are the chances they were not on the other side of that?

Gold Daily Chart

Gold has been like a juggernaut the past week.

Let's see if it can take out 1240 without getting too overbought.

As a reminder next week is September options expiration for gold and silver.



Gold Daily Chart



Gold Daily Chart - closer look