traderdannorcini.blogspot.com / By Dan Norcini /
In yesterday’s post I mentioned to not put too much into a single day’s price action as hedge funds are allocating money into various markets and yanking it out of others to start off the New Year.
The result so far has seen gold giving back all of its gains from yesterday, plus some, with silver surrendering nearly all of its gains as I write this. Silver looked shaky to me yesterday given the fact that the other base metals were so strong. In that environment, it should not have faded 50 cents off its best level of the session.
Even copper is surrendering some of its sharp increase from yesterday along with palladium, which is getting smacked. Platinum however is going the other way and that is up.
Don’t forget that we are now in an age in which the word “SUBTLE” is unknown amongst the giant hedge funds.
They come crashing into and flying out of markets in the blink of an eye (check that – faster than that thanks to their algos) with very little regard if any to the disturbances that their buying and selling create in the markets in which they decide to play. This positioning is going to continue into tomorrow but maybe by the time the dust settles on the trading floors at the close we will have a better indication as to what to expect the start of the first FULL week of trading next Sunday evening/Monday morning.
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