CoT Tuesday & Option Expiry = No Fun
As we wait to see if Tuesday will be "Happy" or "Terrible", here are some items to help you pass the time.
First up, we had a nice pop this morning in the metals. Nothing of real consequence but it's still better than a sharp drop. Again, no one should get overly excited or committal until after August gold option expiration on Thursday. Until then, we'll likely fight a losing battle against the Forces of Darkness, centered around the 50-day moving average, near 1585.
Now that TTM is finally operating like a "normal" website, it appears that Gonzalo has a little more time on his hands. He has written an excellent piece on Spain where his current thinking is that they will be forced to exit the euro by September. Yikes! With the Spanish 10-year at 7.57%, he may be right. ( http://gonzalolira.blogspot.com/2012/07/how-country-rationally-exits-eurozone.html) & ( http://www.bloomberg.com/quote/GSPG10YR:IND)
Along those lines, that Bruce Krasting guy posted this interesting item at ZH a few days ago. Several very compelling insights contained therein: http://www.zerohedge.com/contributed/2012-07-22/fx
Our pal, Ned, was kind enough to pass along the latest copy of John Butler's "Amphora Report" and I've tried to c&p it below. Ned has also promised an update soon on NASE (Ned & Andy's Silver Emporium). Obviously, there have been delays but nothing terminal. I'll pass along whatever info he provides.
These nice people were kind enough to craft an info-graphic that attempts to explain the LIEbor scandal. They sent it to me via email and asked if I would post it. I gladly oblige. ( http://www.healthcareadministration.com/libor/) (Click here to see a full size version.)
This last article was posted to ZH yesterday and I saw that several folks linked to it in the comments here. JS was kind enough to send it me directly, as well, so I thought I'd include it today. ( http://www.theundergroundinvestor.com/2012/07/the-one-personality-trait-that-all-gold-silver-investors-need-to-be-profitable/)
Finally, I got the break in soybeans that I was hoping for. I posted the chart below last evening when beans were down over $1 in just 24 hours. WOW! Now let's see if they can recover and rally further. The forecast for the next few days is for a break in the heat and, perhaps, some rain. The heat is forecast to return with a vengeance next week, though, so I'm looking to buy some Nov Bean calls today. I'll keep you posted.
That's all for now. Have a great day! TF