Preparing For Friday

187
Thu, Mar 7, 2013 - 10:50am

Not much going on today other than WOPRs banging the stops. Tomorrow, however, will be different.

Today, though, is much like yesterday. Volume is light and liquidity is think. Perfect conditions for the algos to game both the buy and the sell stops. Here's what it looked like yesterday:

And here's what we've seen so far today:

No reason not to expect this to continue all day and maybe even tomorrow. If the BLSBS data is "right in line with expectations", we'll likely see a similar pattern, though on a larger scale.

Tomorrow will be different, though, regardless of the NFP number. Tomorrow's CoT will be interesting, too. Not so much in gold but in silver, where price fell 70¢ during the reporting week while total OI rose by 1,500 contracts. More spec selling and more bank buying, no doubt, but by which category?

So, as we kill off this day and await tomorrow, here are a couple of items for use as distraction. First, you know that I've been watching crude pretty closely for a while now. Here's a comment you might have missed yesterday: https://www.tfmetalsreport.com/comment/173934#comment-173934. Well, KWN yesterday posted some similar musings from Tom Fitzpatrick who, as you know, is one of the few technical analysts I view as helpful. https://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/6_Silver_%26_Gold_To_Spike_As_Oil_To_Surge_A_Stunning_63_-_82.html

Then there's this. Nothing earth-shattering here and, God forbid, these folks even begin to speculate on what GLD withdrawals might mean for the physical situation. I mean, seriously. When gold leaves the GLD, where do they think it goes? Why don't they ever ask? Anyway...this guy mentions being long silver, too, so I thought you might enjoy it.

Now, in that same vein, here's another discussion about physical gold. This head-scratcher is from GoldMoney. Maybe CNBS should investigate the questions raised here? Don't hold your breath! https://www.goldmoney.com/gold-research/newsdesk/a-detailed-look-at-bank-of-england-gold.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+GoldMoneyGoldResearch+%28GoldMoney+-+Gold+Research%29

This came out back on Monday. The source is Morgan Stanley but, regardless, it's nice to see someone type up something positive about gold for once. https://www.zerohedge.com/news/2013-03-05/gold-and-next-great-monetary-easing

From Chris Martenson's site, we have this. Short and instructive: https://www.peakprosperity.com/discussion/81126/obscenely-high-concentrated-short-positions-precious-metals

And, finally, there's this lengthy new article from JS Kim. Please be sure to read it: https://www.zerohedge.com/contributed/2013-03-07/governments-worldwide-are-implementing-orwellian-gold-confiscation-today-yo-0

OK, that's all for now. I've got a lot of crapola I'm dealing with today and I'm not in a particularly good mood so I think I'll just sign off. Have a great day and get ready for a volatile Friday.

TF

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