Euro Crush

Thu, Jun 23, 2011 - 9:56am

A nasty flight from the euro is causing selling in everything today. Pretty brutal stuff. Isn't it amazing how things can change in just 24 hours?

All we can do on days like these are just sit back and take it. There are, however, some important levels to watch, most significantly in gold. After successfully repelling gold from the 1550 level again, The Cartel caught a break this morning with the near-panic Euro selling. The gold chart is in danger of ruining the uptrend from January. It has broken the trendline before but only briefly. If it continues to move lower and doesn't rebound by tomorrow, the chart will finally have taken on the "summer doldrum", rangebound look that I've been expecting. Of course, being right about that doesn't bring back the dough I blew on the August 1550 calls I bought on Tuesday. I end up feeling like Daniel-san..squished like grape.

Squish Like Grape (karate kid)

For the degenerate gamblers out there (such as myself), there may be a trade opportunity in silver (which I won't be making). Silver is approaching the lower end of the pennant from the lows of early May. I have a last of 35.31 and the line appears to be right near 35.

And crude is worth following today, too. Yesterday I gave up on the idea of a quick rebound back above 96 in favor of a potential base building exercise near and above 89.50-90. Looks like I'm going to get a chance to see if I'm right as crude has a last of 90.50.

OK, that's it for now. Let's just sit back and watch to see how the rest of this day plays out. If you haven't yet taken the time, perhaps today would be a good day to check out the forums. Lots and lots of good, user-provider information there. Remember, though you have to be a member (signing up is simple and free) to post and comment, anyone and everyone can lurk, read and learn. I highly encourage you to do so. Oh, and if you read something particularly helpful, be sure to give the writer a "hat tip" by clicking in the little yellow hat icon in the upper right hand corner of each post.

Thanks for stopping by. Hang in there. TF

About the Author

turd [at] tfmetalsreport [dot] com ()


Jun 23, 2011 - 9:58am
Jun 23, 2011 - 9:58am

SilverTree is a sniper! 

SilverTree is a sniper! Damn!

Jun 23, 2011 - 10:02am


  1. 10:00a


    Sales of new homes slip 2.1% in May

  2. 10:00a

    Median May new-home price $222.6K, -3.4% yr-on-yr

  3. 10:00a

    April new-home sales revised up to 326,000

  4. 10:00a

    May new-home sales slip 2.1% to 319,000

  5. 10:00a

    Record low supply of new homes on market

Alert: Greek Finance Minister to Hold Press Conference Today
* Could be a market mover. The schedule time for the press conference has not yet been announced. *

ECB Web Site Down
The European Central Bank web site has been down for over an hour.

HT: [EPJ](

SilverTree Shill
Jun 23, 2011 - 10:03am


Thanks Shill!

Jun 23, 2011 - 10:05am



tending or threatening to break out into open violence; explosive

Violent Rhetoric
Jun 23, 2011 - 10:06am

When the head of a central

When the head of a central bank tells the truth like Trichet did with his risk signals are "red" comment stuff like this happens.

Of could this could turn when a pretend and extend deal is struck. Maybe Trichet wanted the citizens of Europe to get a taste of what could happen if they do not turn themselves into debt masters. Of course the final meltdown will be worse with a pretend and extend deal, but hey he gets the limo and fancy hotels in the short term.

Jun 23, 2011 - 10:07am

Feeling Your Pain


I feel you pain man. I got out of my SPY shorts two days too early. Not only did I lose money when I got out, I am missing out on huge profits today. (Deep sigh.)

Right now, I expect the miners to follow the SP500 on the way down for awhile. That is, a GDX of around 46. I should have stuck with my initial analysis that this market was headed for the dumpster. The last week has been a case of buy the rumor and sell the news. The expectation was that Benny would make an announcement of QEIII (aka the war on the dollar part III). When that didn't happen the market sold off and will continue to sell off.

Just my two copper clads worth.


Jun 23, 2011 - 10:09am

Discouraging as it is, this

Discouraging as it is, this is weather, not climate.

None of the fundamentals has changed and only the cliff draws closer.

Jun 23, 2011 - 10:11am

Bad move by Barry

Barry should have never let go of 30 million barrels.

Jun 23, 2011 - 10:11am

BillAuAg - I like that

BillAuAg - I like that phrase. Mind if I use it?

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