The Flash seems to have fun with his new TDA account this morning as I’m seeing very strange activity across the board. Although I never give much credence to the financial MSM attempting to explain the increasing amount of flash crashes we have been seeing lately, I was puzzled to see almost no mentioning of this. Perhaps this is the new normal we should expect during the late Asian trading hours? If so then it’s going to be one long hot summer…
The most egregious example is silver which dropped all the way to 14.4 before rebounding back to 17.75. That’s almost a 9% drop and most certainly caused algos to go crazy all over the place. It’s a comparatively thin market and a fat finger is a possibility. But then again, this seems to be happening more and more frequently lately – I remember a recent one on June 26th.
In comparison the little wipeout in gold looks almost muted but if you took long positions here in anticipation of a double bottom then you’re probably not having a happy morning. No worries – I wasn’t 😉
In general it’s not looking good here for precious metals and those daily Bollingers are starting to point dow now which will facilitate any attempts to take them down. Apparently 2017 is going to be another painful year for the gold and silver bugs – somebody ought to put Jim Sinclair on suicide watch.
Also a bit of volatility over in the EUR/USD but given recent moves it’s more of a blip. That damn pair is on a veritable rampage right now as was to be expected as soon as it gapped to its upper 100-day Bollinger in late April. If you’re on the fence about signing up here at Evil Speculator then you may consider doing it now in order to grandfather-in (or is it grandperson-in now in PC speak?) a low subscription rate
I continue to tighten up my trailing stop on the USD/JPY – seems like it’s now hitting escape velocity and we soon may see it near 115.
It's not too late - learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.