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Channel Breach

Channel Breach

by The MoleApril 8, 2009

That was an ‘interesting’ open, especially after last night’s overnight drop in the futures. Guess the MMs were busy sweeping stops before pushing the tape higher – I’m sure a lot of trading workstations are the target of angry expletives this morning – hehehee 🙂

I’ve been adjusting this channel a bit in the past two days but this morning push upward is either a quick throw-over or the onset of blue to the upside.

Gold touched that 890 line I pointed out last night and has dropped since. Let’s see if that was a last kiss good-bye before its journey to 825 or if it’s going to drive us all crazy for a while. Since it’s a short week and there is low participation I would bet on the latter.

UPDATE 11:14am EDT: Just a quick reminder for you rats – the FOMC meeting notes are going to be announced around 2:00pm EDT. Until then I expect a lot of whipsaw – going to grab breakfast now.

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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