And Then There’s This…Thursday, January 08th, 2009
Contrarian Profits (January 8th, 2009) Writes:
Gold was under pressure right from the open of Globex trading in the Far East on Wednesday morning. It bottomed in Hong Kong and clawed its way back to unchanged by the time the Comex opened…but there was always someone there to make sure that the price didn’t get over $965 all through London trading. Every time it tried, it got shoved down. Its attempt to break through that price shortly after the Comex opened, met with a wall of selling that dropped the price by $25 in less than 90 minutes…and all of Tuesday’s gain of the same amount, disappeared. A rally attempt at the London close ran into big resistance at precisely 1:00 p.m. New York time yesterday. And as you might have expected…volume was huge as well…128,000 contracts, net of switches.
The shares got creamed.
Alcoa, bank balances;, bloomberg, Britain, cent;, central banking, China, Congressional Budget Office, contrarian profits, EUR, European Central Bank, Far East, Federal Reserve System, Hong Kong, India, Intel, Jay Leno;, Jpmorgan, London, Market Commentary, Mumbai, New York, Nigeria, Printing Presses, Reuters, Satyam Computer Services;, the People, United States, USD, Washington


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