Well I am in the same boat as Can. I went out and put some shorts on gold just before I left. And got a txt to say they had been actioned.
But wasn't all that happy when I came home to see that
Just can't seem to get a handle on it at the moment. I hope it tanks big time now
OK, I'd better go & hibernate for winter then
Well I've got financial pecs like Thorpy then.There is nothing wrong with going against the flow.It only makes a stronger swimmer
I'm never going to short again. There, that should do it, watch it tank now.
Seriously, what would make the market move up 100 points like that, or are we really only half way there, and the maestros really have it beaten?
oo-er those shorts are a bit tight!
mind you Wayne have a look at SPX & NDX - not participating in the tom-foolery - I am beginning to see what you mean now, Dow is totally manipulated
excuse the font, copied & I can't be arsed fixing it
"if your editor has learned anything in four decades of following the markets, it is that there are huge incentives to mislead investors. the many scandals of the last decade are not the only examples. even the very indexes that seemingly portray great gains in wealth are sometimes capable of illusions. take the dow industrials, for instance. statistics making the rounds on the internet recently illustrate that the index is not particularly accurate. on april 26th, as the dow made a new all-time closing high of 13,105, only four dow issues made new all-time highs while only 11 made new 52-week highs. however, 13 issues were down an average of 40.5$ from their all-time highs
and all 30 as a group were down an average of 26.7$ from their all-time
highs and down 3.2$ from their 52- week highs. sounds unlikely for an
all-time record high, right? how in heaven's name is this possible?
the dow is a price weighted average of the 30 issues. at one point, the computation was quite simple. tally the sum of the 30 issues and divide by 30. however, as splits occurred over the decades, the divisor grew progressively smaller and is now .123. in other words, if a $50 dow stock gains one point, the dow will rise 8.13 points (1 divided by .123). thus, we now sum point gains (or losses) for the day and divide by .123 to determine the daily change. trouble is, in a price weighted computation, all stocks are not created equal. far from equal. ibm at 102 has close to five times the impact of intel at 21. ¢onsequently,
price gains in ibm far outweigh equal percentage losses in intel. in fact, if
ibm were to rise by 10$ and intel were to fall by 10$ from current levels,
the dow would enjoy a net gain of 65.85 points. if instead, ibm were to decline by 10$ while intel rose a commensurate 10$, the dow would suffer a 65.85 point loss. if this makes any sense, we'll eat this newsletter. perhaps if ibm were many times the size of intel, the computation would have some logic in its favor but the difference in size is not meaningful. ibm's market cap is
$153 billion and intel's is $125 billion. for all intents and purposes,
they are equal players."
morning - phew!! thankful for baggy shorts, everything intact - a case of betty swallocks during that Dow rise last night mind!!
so we have an 80pt selling spike setting up on Dow, SPX looks to have posted a double top around 1,513 but didn't make new highs, and Nasdaq no-where near recent highs during that idiotic Dow rally....
anyone willing to bet that we've seen a top?
Dow now around 1,000pts above its 200ma on daily view
this from Spain re: their national account
Well at least we're not the only ones who noticed lol!"We seem to be in a period of time where it doesn't make a difference what the news is -- the market seems to find a reason to go up," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "How long will this last? It's anybody's guess."
Yes, maybe there should be a thread for the Global Property Bust
Slightly bullish for gold!
Over the past two months the Banco de España has sold off 80 tonnes of gold, flooding the world market with enough bullion to dampen the usual spring rally.The current account deficit has reached 9.5pc of GDP, a sign of extreme over-heating. Spain is now the second biggest net contributor to global demand after the US, far outstripping China, astonishing for a country of only 40 million still living in the shadows of the Franco regime a generation ago.
How's this for scary. Below is a 5 tick chart for the HSI. Nice steady uptrend, then someone hit the panic button- 3 seconds later and it's lost 50 points
Even scarier for me- I was still long 1 minute before that happened
They would have heard the swearing in Hong Kong if I had been caught up in that