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.