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by Phoenix Capital Research The markets in Europe continue to rally hard despite the fact that Europe’s financial system is totally insolvent. At the center of this mess is Spain, which now barely functions as a country. Spanish pharmacies, owed $500 million by the government, are running out of medicine in Valencia. Strikes have resulted in trash not being collected for 20 days in Jerez. Over 2.2 million children live in poverty [...] In his latest missive, Mr. Sinclair explains: ‘You must note how central banks are either buying or protecting their gold reserve positions now. This is total about face two years ago. There is another change coming which is a replacement monetary system and the need for some asset on central bank’s balance sheets to have positive value, especially in the USA. Soon all that is required is a change in [...] by GoldCore Today’s AM fix was USD 1,624.00, EUR 1,308.94, and GBP 1,030.26 per ounce. Silver is trading at $28.95/oz, €22.40/oz and £18.44/oz. Platinum is trading at $1,495.75/oz, palladium at $604.70/oz and rhodium at $1,025/oz. Gold rose $4.80 or 0.3% in New York yesterday and closed at $1,620.70/oz – its highest level in three months (since June 19). Silver dropped than [...] KWN Today Egon von Greyerz told King World News, “… the paper shorts in gold and silver are going to have real problems.” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “The short covering during the next few weeks and during this autumn is going to be massive.”
Here is what Greyerz had to say: “The real underlying figures (for the global economy) are still [...] KWN Today acclaimed commodity trader Dan Norcini told King World News, “Once you had the 50 day moving average in gold violated to the upside, then you had a much larger wave of short covering which began to occur.” Norcini also said, “The momentum crowd, that was waiting for $1,600 to be breached, then took over and the move has continued to feed on itself.”
Norcini also discussed a key level which “… is [...] Covering short euro positions now is one thing. Taking long positions in the single currency is entirely another. It is why this little euro rally won’t last. The latest bout of short-covering is hardly surprising given the extreme level of speculative short positions, talk that Germany may yet allow Spain to get a soft bailout and signs that major central banks may start to ease policy again. It is the two “mays” [...] KWN With gold trading near the $1,620 level and silver approaching $30, today King World News is pleased to share with readers a piece of legendary technical analyst Louise Yamada’s “Technical Perspectives” report. This information is not available to the public and we are grateful to Louise for sharing her incredible work with KWN readers globally.
Gold: Bucking the Strong Dollar.
Gold spot price (GOLDS-1,624.10) had been hovering above the recent closing low at [...] KWN
With global stock markets plunging and gold rallying, today Art Cashin told King World News that we are on the verge of a broad and dangerous global contagion. He also said that market participants “are looking to raise cash anywhere they can.” Art also commented on the spectacular rally in gold today. Cashin, who is Director of Floor Operations for UBS, which has $612 billion under management, also warned about, [...] KWN With global stock markets plunging and gold rallying, today Art Cashin told King World News that we are on the verge of a broad and dangerous global contagion. He also said that market participants, “are looking to raise cash anywhere they can.” Art also commented on the spectacular rally in gold today. Cashin, who is Director of Floor Operations for UBS, which has $612 billion under management, also warned about, [...] Whether or not the European deterioration is real or not, one thing is certain: FX traders aren’t sticking around to bet on a rebound. As of Friday, the net non-commercial position in the EUR currency was at -173,869 contracts or the biggest net short in history, surging by 30k contract over the prior week, and by a record 70k contracts in the past two weeks as things in Europe unwound [...] Whether or not the European deterioration is real or not, one thing is certain: FX traders aren’t sticking around to bet on a rebound. As of Friday, the net non-commercial position in the EUR currency was at -173,869 contracts or the biggest net short in history, surging by 30k contract over the prior week, and by a record 70k contracts in the past two weeks as things in Europe unwound [...] by thetechnicaltake
Like my whiny children, who after 30 minutes into a 6 hour car drive, investors are asking themselves, “Are we there yet?” After all, the SP500 is down a little over 8% from their highs in the past 3 weeks, and investors want to know if the selling is done and if this is a time to buy. Of course, it was only 3 short weeks ago that we were [...] Today’s action should have exhibited more selling pressure after yesterday’s hard trend down day. The FED once again staved off a bear raid. Telling, however, is that the plus tick is not sufficient enough to generate a plus 1200 tick. Institutional presence is minimal at best. The overall market in the intermediate time frame is demonstrating heaviness. There is a lack of consistent high plus tick. We are seeing short covering [...] A few days ago, we noted how in light of the most recent temporary bout of market insanity, which has seen the worst of the worst companies broadly outperform risk, one should go long the 30 most hated companies in the US as determined by the short interest to float ratio. We ourselves are unsure if this was a mock recommendation, or the only way to make money in a time when short covering [...] by thetechnicaltake We start the new year like we ended the old year: with a mixed sentiment picture. The Rydex market timer is extremely bullish, and this is a bear signal. The “dumb money” indicator is neutral and company insiders are as well. Overall, my interpretation is bearish. Sustainable price moves usually start when there are too many bears, and it is short covering that is the fuel that sparks a price rise. After [...] by ZH Following the market drop in early November, it was widely expected by most, us included, that stock shorts would pile in once again, only to be burned by moves like today’s, which is more of an attempt to flush out even more shorts by hitting limit pain thresholds, than buying on any actual fundamental improvements. Curiously, as the just released NYSE data, the short interest at November 15, not [...] Buy The Rumor, Sell The News Via Peter Tchir of TF Market Advisors Europe is playing havoc with this old trading strategy. By only having rumors and never having news they keep the markets in permanent buy the rumor mode. The china story is at best old news. Italy’s austerity credibility is sorely lacking, but the best news is the Merkozy wants to meet the bankers. It feels like aliens landing on a planet [...] by Phoenix Capital Research The markets are snapping back sharply on short covering and end of the month performance
We’ve now
Do not let For anyone wondering why the biggest drivers of intraday moves in the stock market are furious short covering squeezes which have led the S&P to have daily fluctuations that make a mockery of the Fed’s prerogative for “price stability”, here is your answer. On August 15, short interest in the NYSE soared by over 1 billion shares compared to the end of July: this is the [...] August 11, 2011, at 9:29 pm by Jim Sinclair in the category General Editorial Dear CIGAs, Now that we have reached $1752.20 gold, what should you do? Stay firm in your disciplines. During this entire market chasing strength in gold has proven dangerous more often than not. Angels should be looked at for the mad trader as areas to lighten, not double up. You can win this game with a ruler, but you [...] Lowest relative commercial net short position to total open interest since 2008 panic for silver futures. Accelerated pace of commercial short covering. HOUSTON – We here at Got Gold Report are keenly interested in over-sized changes in the positioning of the largest, best funded and presumably the best informed traders of gold and silver futures on the planet – the traders classed as “commercial.” Witness a truly [...] The “hit job” is in reference to Bin Laden and the precious metals, both of which got taken out over the weekend. The implications of the Bin Laden hit are complicated. The implications for the precious metals hit job is not. Regarding Bin Laden, aside from the fact the guy was finally taken down (which he should have been ten years ago), the first thing we need [...] Lowest commercial net short position of 2011. Lowest relative commercial net short position since April 2009. HOUSTON — As Silver blasted all the way up to $49.75 on Monday, April 25, then fell sharply last Tuesday to as low as $44.60 before settling at $45.45, the highest close for silver on a COT date in our records, we can document a significant amount of commercial [...] by RobotTrader Next week is bound to be a doozy. The SPY and NYA are sitting just under their highs, and The Bernank is scheduled to give his post-FOMC “King’s Speech” on April 27. What are the odds that the market is going to have a significant correction going into this speech? At the same time, thousands of hedge fund managers who stepped aside during the [...] From GoldCore Gold and silver have recovered somewhat from slight falls in Asia overnight and are now higher against the British pound and Swiss franc which are weaker this morning. With geopolitical instability looking set to escalate and the real possibility of a military confrontation in the Mediterranean, any sell off in the precious metals will likely be tentative. Cross Currency and Precious Metal Table $1,500/oz for [...] by ZH From Bank of Countrywide Lynch’s Fred Batoua: “S&P futures getting hit hard as Middle East turbulence starts to impact crude price…March WTI contract expires today & seen huge short covering…we have seen buy the dip mentality in S&P futures, 6pts off lows of 1320…near-term though feel we are due a pause cautious & could retest 50 dma (1283)…last wk the FMS highlighted that cash [...] by zh Best not to short/sell when it seems obvious; Best to short/sell when everybody thinks this is the worst time to do so. When the market tanks, and it will, the ride down is always faster than the long, long, long road up.  Shorting need not be done in one big plop ya know.  One could feather in a position, ya know.  Wonder what the euphoria felt [...] by fishhook The market is trying to move higher, but failing. Indeed that has been the theme of this entire week. As I mentioned earlier, the FED’s computers are usually not turned on at all on expiration Friday, so there is risk that prices could fall tomorrow if the supporters are on the sidelines. As a result, every effort is being made today to [...] |
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