Funeral For A Friend

It is with great sadness that I announce the passing of a legend. Today, after a long battle with splinters, my sidekick, the ruler, gave up the ghost. I've been through countless Sharpies and reams of paper but my trusty ruler has always been by my side. Ruler is survived by his longtime companions Compass and Protractor. He will be sorely missed.

Before we start today, a quick recap of yesterday. There was a lot of noise and hubbub last night about this article in the WSJ: http://blogs.wsj.com/marketbeat/2012/04/30/gold-shakes-off-1-24-billion-fat-finger/ Note that this was posted at 4:00 pm EDT. Astute Turdites had this same information about 6 hours earlier:

MODERATOR

I just spoke to Andrew (Maguire). He informed me that it was 7500 contracts, dumped all at once, by "our usual suspect". The goal, he thought, was to knock back price to keep it below 1670 today and away from turning the month of April green on the chart. The amazing thing is that there are substantial orders for physical to be filled/tripped if price reaches 1645. The low in the June12 was 1645.10. Pretty sweet, huh? Move along now. Nothing to see here. At any rate, JPM is now trying to claim that it was a simple, "fat finger" error, which is complete BS. Let's get the PM fix behind us and then see if we can complete the FUBM.

Again, if you're coming by this site and only reading my posts, you're missing out. You've got to read the comments, too. You also need to be stopping by Pailin's Trading Corner, EricO's Miner Thread, BagOGolds Miner Emporium and all of the great forums, too many to mention all of them here.

Additionally, the information that I was able to pass along yesterday is exactly the type of stuff that Andy provides to all of his subscribers and the regulars of "Turd's Army" on a daily basis. Speaking of which, there's still time to join! Andy was able to generate a profit (well above fees) through the very challenging month of April and I know from speaking to him yesterday that he is very excited for the prospects here in May. If you are an experienced trader, you should seriously consider conscripting yourself into the fight. Here's the link which you can follow to submit your interest. Join today and I'm confident that you'll be adding to your physical stack in June....and July...and August...

http://www.coghlancapital.com/daytrades-application?ak=turd_army

Yesterday's beatdown did nothing to dampen the spirits nor lessen the demand of gold buyers. As Andy said, there is great interest in acquiring physical metal at 1645 and below. Now those orders are being moved UP as the buyers scale into their positions. This will continue to provide a floor for the paper market. Additionally, the chart looks quite compelling here. Not only did the long-term trendline hold as support again, the shorter term charts now clearly show solid support and a base near 1625. With the long-term line in that area, too, I think it is highly unlikely and doubtful that gold is going any lower. A month ago, I gave you 1635 as "Turd's Bottom #2". I was off by $20 and about 2 weeks early. Sorry about that. In the big picture, however, I'm right as rain on this one. Gold may continue to bang around here for a while longer but 1625-15635 is your floor now and much higher prices are coming very soon.

paper_5-1amgold8.jpgpaper_5-1amgoldd.jpg

paper_5-1amgoldw.jpg

Silver is attempting to turn the corner here, as well. It is quite evident on these charts that the area around $31.40-31.50 is extremely important relative to short-term sentiment. And why is short-term sentiment so important? Because, to me, it's quite clear that a short squeeze in silver is possible as the specs have overplayed their hands and are now too short for their own good. A move UP and through 31.50 will begin to pressure these losers into covering and the pressure will increase with each uptick. Once this begins, silver will accelerate toward $32 and, above there, $33.

paper_5-1amsilv8.jpgpaper_5-1amsilvd.jpg

Two more things to keep an eye on today. First, The Pig is desperately clinging to support near 78.70 cash. As in the past, don't be surprised by the sudden appearance of some headlines and/or rumors, strategically released to give the worthless script a much-needed shove higher.

paper_5-1ampig.jpg

And crude is right on the edge of breaking resistance and moving higher. As you can plainly see, the $105 level has contained price for 4 days now. Again, don't be surprised by MOPE and/or SPIN that provides the impetus to spike the POSX while driving gold and crude lower.

paper_5-1amcrude.jpg

OK, that's all for now. I'm off to CVS to buy Ruler II. With the volatility I expect this week heading into the BLSBS, I might want to get an extra sturdy, heavy duty model. Have a great day!  TF

246 Comments

Shnozberries's picture

Hang in there bud

that is all

Turd Ferguson's picture

Well, that didn't take long

MODERATOR

I post this thread and immediately notice that The Pig has spiked and gold is $12 off its highs. On the bright side, it looks like crude has broken through $105.

What a complete joke.

Mickey's picture

the stress of the PM volatility did it in

RIP

ReachWest's picture

Shocking and Sad

Shocking, to say the least.

Well, at least, Turdites have numerous straight lines on numerous charts to remember him by.

SaratogaPrepper's picture

I hate it when that happens

But that is a great song.

ReachWest's picture

Schizo

We keep seeing it over and over - but - it never ceases to amaze me, how some arcane data-point (today the ISM data) can be thrown out and the market in it's schizophrenia gooses the USD and hammers back the PM's. One only needs to take two steps back, look at the longer term patterns and trends to realize how ridiculous this action is.

¤'s picture

TF

Be honest, you snapped it in your hands from being so disgusted with the PM marketwink

On another note, I actually had a short post going this a.m. with a quip in in about a ruler, protractor, dividers and compass and I deleted it because I thought it was silly (it was) and metaphorical (it was) and I nixed it. Good idea actually.

You have that 3rd eye working today or is mine in overdrive?  I realize some of us definitely think on the same wave lengths but the coincidence factor sometimes astounds me.

Oh well, time for a new sceptor, I mean ruler.smiley

GoldFDL_Fnl2.jpg

Mickey's picture

This market cannot be traded by normal humans

we know that--and the problems are on several levels including important data which is gamed--as shadow stats points out rather well.

Auto sales were bad last month--down 8%--how do they account for that in ISM?

When this all implodes we will need more than PM to get us thru.

Xty's picture

here you go

a modern ruler for modern TA:

                         

you can practically tie your mind in knots.

Big Buffalo's picture

Love spikes

Time to buy some SCO.  Yes, oil can and will go up, but really, it's outside the bollinger band.

I'll take it for a small profit in a day or two.

Ferd Torgerson's picture

C'mon, Guys

Turd needs a new ruler.

http://www.tfmetalsreport.com/donate

Silver Meddler's picture

It's Mayday

Use your sick time. Go on strike. Try not to go to work today. wink

El Gordo's picture

I know what it's like to lose a dear friend

One of my body parts apparently gave up the ghost when I turned 65 last year.  It still performs its primary function, although the manifold pressure seems to have been reduced, but extra activities, once deemed so important as to override any sensible decision making on my part, have apparently passed on.  I thought I discerned some sign of life the other morning, but a quick trip to the bathroom to relieve myself resulted in marked relaxation instantaneously.  So long old pal.  It was fun while it lasted.

Driven81's picture

He is looking down on you from office max heaven

He was a good ruler, liked to play it straight. Whenever other friends took advantage, ruler helped you to draw a line. 

Larry L's picture

FAT Finger from Coin Info

Coin Info News

Posted: 2012-04-30 21:20:43

'Fat finger' Trade Halts Coininfo Live Data Feed

An unusual large sell order of 7,500 futures contracts worth nearly $1.25 billion in  Monday mornings
early trade triggered coininfo’s filter as an erroneous trade.  The  trade took out 84 other contracts
and cut the price down $15  to $1648.80 oz.within seconds. The sharp loss only triggered a 10 second
trading halt on Comex even though the transaction was most likely a keystroke error, CME told
Dow Jones Newswire.  Large trades such as this are rarely executed amid thin trading volume as
China & Japan were out on holiday. Coininfo’s computer did what it was supposed to and flat lined
the data by not recognizing  this unusual trade. It was unfortunate however that it failed to reprogram
itself for several hours. Gold prices recovered to end nearly unchanged.

diegeiro's picture

Anonymous we are not alone

http://www.allvoices.com/contributed-news/12055743-anonymous-we-are-not-alone
This link has the transcripts to the other recent anonymous messages. I for some reason don't trust the file of the video so I would rather just read the transcript. You can read two of them on this link.
The other link to the new Anonymous on youtube is on the old thread.

I am trying very hard to keep my computers clean from virus'

Nice ruler XTY If they made one like that as a pica pole I would be very happy.

cpnscarlet's picture

Anon-a-moose

Def: Geeks with little to do and good imagery and net software.

Weren't they supposed to take down the NYSE a few months ago? Didn't happen.

Hey guys - try taking down JPM and do us all a favor. Until then, F*** Off.

Turd Ferguson's picture

The Fat Finger Returns

MODERATOR

Ridiculous.

large_5-1amgold3.jpg

Monedas's picture

I can't feel your pain !

Hoarders don't use rulers and protractors and compasses....we use shovels !     Monedas  1929   Comedy Jihad Got Dirt ?   devil

Desert Fox's picture

It'll get better

Not for the ruler, but Silver will shine.cool

dudestacker's picture

hip hip hooray

hip hip hooray

it's the 1st of May

outdoor (fill in the blank) begins today

(except for El Gordo) Sorry, Man. I can't even imagine life w/o. I always said when that goes, I go.

Excalibur's picture

Might of guessed it was him

simpsons-fat-finger.png

cpnscarlet's picture

Another Email to Bart

Just sent this off to the Faggot with a Bad Haircut. Feels so good to just vent. And it better, because there's nothing else you can do.

" NICE WORK!

 
Complete slam at 10 AM NY Time and you guys still say and do nothing.
 
TRUST. It's what's needed in free markets.
 
I have none in you, your boss, his boss, and the commie at the top of the Federal heap.
 
I'm taking all my capital and going home. There are no markets, only manipulations.
 
You have failed your brothers, your neighbors, the nation, and God will call you to account if the people don't. But what do you care?
 
Some of the old guard in the precious metals sphere say good things about you. I don't buy it. You are known by your actions, not your words. And your actions are just as impotent as any one else at the CFTC."
 
-S-
 
 
ClinkinKY's picture

And We're Off ...

...or Obama  reelection "campaign" officially kicked off in Cleveland.

---------------------------------------------------------------

 

Breaking: Five Occupy-Allied Anarchists Arrested Over Terror Plot To Blow Up Cleveland Bridge, Bomb Financial Institutions – Update: Complained OWS “Not Violent Enough”…

(Fox News) — Five people described as anarchists were arrested Monday in a Cleveland-area park for trying to blow up a bridge, sources tell Fox News.

The public was never in danger from the explosive devices, which were inoperable and controlled by an undercover FBI employee, according to sources close to the investigation.

A criminal complaint was filed Tuesday morning in U.S. District Court in Cleveland, according to an FBI press release.

Court documents say three of the suspects are self-proclaimed anarchists who formed a small group and considered a series of plots over several months.

According to the complaint, the suspects initially planned to use smoke grenades to distract law enforcement so that they could topple financial institution signs atop high rise buildings in Cleveland. However, the plot later called for the use of C-4 explosives, authorities said. The final plan allegedly named the Route 82 Brecksville-Northfield High Level Bridge, which crosses from Brecksville to Sagamore Hills, as the target.

The FBI and the federal Joint Terrorism Task Force are involved in the investigation.

Keep reading…

Turd Ferguson's picture

The Force is strong with The Turd today

MODERATOR

Once again, repeat after me: The Turd is NOT a soothsayer, a psychic or a witch.

large_5-1amcrude15.jpg

large_5-1amcrude_0.jpg

Excalibur's picture

Alf Field

Alf  fleshes out Santa's sudden spike up comment.

Some method must be found to keep the world’s banks operating and the electronic money transfer system functioning. This is why the US Fed made the November 2011 commitment to grant unlimited swap arrangements to other central banks around the world until February 2013. The US Fed has become the lender of last resort to the world.

The crisis in Europe, which seems destined to come to a head soon, will bring this arrangement with the US Fed into focus. This is the time when the precious metals may make a dramatic upward move. Warren Buffett may not understand it, but this is why people buy gold and other precious metals, as an insurance to protect their savings and wealth in times when the threat of financial or economic catastrophe appears to be inevitable

William Shakespeare said it first. The following quote is by Polonius in “Hamlet”, Act III.

"Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry."

***

Elliott Wave Gold Update: In the article “What Happened to Gold” dated 1 March 2012, the “other possibilities” mentioned in the event of gold dropping below $1650 related firstly to the 61.8% retracement of the prior rise. The prior rise was from $1523 to $1792, so the 61.8% retracement was $1626. There was a further possibility of the retracement being 2/3 of the prior rise, also a Fibonacci relationship. That produced a figure of $1612. The first number $1626 did provide some support to the market but the absolute low was $1612.8 on 4 April 2012. This low came at the culmination of a double zig-zag correction, which adds to the validity of that low. The odds now suggest that the gold correction bottomed at $1612.8 on 4 April 2012 and that the gold market is in the early stages of a sharp upward move.

http://www.321gold.com/editorials/field/field050112.html

Dr G's picture

@cpnscarlet, what an email!

@cpnscarlet, what an email! Congrats on getting an IRS audit beginning this year and continuing each year for the rest of your life.

Partly kidding but mostly not.

¤'s picture

The Turd is NOT a soothsayer, a psychic or a witch.

No, he's a swami with a 3rd eye instead wink

third-eye-chakra-5.jpg

OrangeAlert's picture

Fat Fingers

I thought they would normally unwind fat finger trades and pretend they don't happen?  Oh yeah, that's only when it really happens, not just saying that's what happened.

Syndicate contentComments for "Funeral For A Friend"