Looks like market ramps higher today but gold should fall through the floor as Scotland stays with Great Britain and all of Europe smiles. No long worry now about Spain or Belgium or even Wales. But I do worry about gold bugs since then are going to lose their shirt going forward.
Should be interesting to see how Gold reacts this morning, since Europe now smiles with Great Britain unity. I don't see any other regions in Europe breaking off, but I do see a Fed raising rates next year which will hurt gold badly.
Early returns from voting across Scotland show those against independence from the United Kingdom holding a narrow lead. With 12 of 32 districts reporting, the No vote was ahead with a little more than 53% of the vote. But big cities have yet to report but we all know the No vole will easily carry in Glasgow, Edinburgh, etc. GLD should fall tomorrow and I don't think anyone he will try to catch it unless they want to lose fingers.
Gold down trend is now established and should pick up speed (on the down side) going into the winter. Not sure why anyone wants to hold gold or go long gold miners with the Fed about to raise rates in six - eight months and the U.S. economy getting stronger. Should see a good size sell off tomorrow but more so going into October and November. Gold has lust its luster and you're going to see big hedge funds dump their holdings and make money some where else.
I'd like to say $23 but will go with $22.85. But with a Scotland "no" win come tomorrow dust could open $26 and scream higher. At some point I'm looking at panic selling in gold, simply because the threat of Fed stimulus is going bye bye. And we all know the interest rate clock starts ticking big time in 2015 which will push gold, lower and lower and lower.
but the real action will happen over night and tomorrow as Gold - GLD dives as Great Britain stays intact, and all of Europe rejoices. Gold could have one of its biggest down days tomorrow on record, so be very careful Gold Bugs. If your long GLD your going to lose finger, toes and you sanity.
Now that's a sure sign of a huge market correction.
That's what Hillary said back in 2008, when Obama kicked her behind. Never bet against the Scots, since they will shock the world come Friday morning and win the "YES" vote.
Its obvious which way the market is going - going forward. Down, down, down. Don't fight the Fed guys. When Yellen says "rates hikes are on the way" Tvix will explode higher. Volatility will be back as September and October turn into very bad months for U.S. stock market and world markets.
Many (I included) think Wednesday Yellen's grows a set and tell world markets *the fed target date to raise rates has moved up". Now I know its hard for women to grow a set but Yellen has been on the job for eight, nine month and must realize its no longer 2010, 2011 or 2013. The U.S. economy has turned around and the Fed needs to act now (planning for rate hike sooner) or look like complete fools. Typically the Fed is always late to smell the change of scenery, but I think on Wednesday Yellen see's the forest for the trees and clearly states "higher rates are come mid-2015 or earlier".
and this time Yellen won't catch Spy in free fall. Instead the Fed chairwomen will let Spy fall into 15% correction mode as the Fed looks the other way and says "grow up and realize higher rates are coming sooner then you want". Poor Spy - its gong to go SPLAT when it hits the hard concrete from high above.
First we have major military confrontations with China over China Sea (near miss military aircraft collision) and with navel ships on the China sea and now this.
U.S. Treasury Secretary Jacob Lew warned his Chinese counterpart in a recent letter that a spate of antimonopoly investigations against foreign companies could have serious implications for relations between the two countries, according to people briefed on its contents. The letter, which Mr. Lew sent in recent days to Chinese Vice Premier Wang Yang, said that China's recent focus on foreign companies could devalue foreign intellectual property, the people said. It also made reference to a meeting in July attended by Messrs. Lew and Wang, at the Strategic and Economic Dialogue forum in Beijing, at which China committed to using its monopoly laws to promote consumer welfare and not other companies or industries, the people said.
and tell the Brits to stick it. And my oh my what will happen if the Queen can no longer plan her summer vacation in Scotland. Will she have to move to Wales and eat her cake?
and more likely a triple jump higher by Friday.
as new shipment of arms floods into Ukraine army. Seems Putin will have to send back in his Russian troops since Ukraine army will push back Ukrainian rebels.
Spy longs are worried this weekend since Friday's sell off is a sure sign that market will fall next week. Just to much negative news (worldwide - financial) now and that's all going to come to a head on Monday and throughout next week. Spy does not act well in volatility and we have that in spades next week with Ukraine Russia war back on front page, Fed telling markets rate increase sooner vs later and Scotland sticking it to Britain and breaking off. Throw in ISIS crisis and China crumbling economy and Spy could get seriously wounded. We're talking a 15% drop in Spy share price, so be very very care bulls. You're about to be gored.
Sure looks like Znga had awful timing on its NFL on line game. Couldn't be worse now with the NFL in downward spiral and Roger Goodell about to be fired and Rice banned for life. See you all at low $2's very soon.