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Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Yeah, the set up (short) made sense but there was just too much uncertainty with the debt ceiling soap opera and the Fed meeting on the 9th. I've just intraday traded this which has been great with the volatility. With this drop and the deteriorating econ data, Bernanke is licking his chops for additional QE. I could see the next round being far less effective and more damaging then the last.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Wow, that was a nice sell off at the close. We blew right threw the 1252.25 level and are getting close to 1241.25 which I don't see being significant support but you never know. The S&P 500 is now negative for the year (just slightly).
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
I light of the all time high in Gold today, I just thought I would take a moment to recognize the Bernank and his accomplishments. Boy, he must be so proud of all that he has achieved. The one who said there was no housing/credit bubble and sub-prime was "contained" and housing has never dropped on a national basis. And his latest, inflation is "transitory".
He stated on 60 Minutes that he was 100% sure that his QE will work. Hmmmm.... Looks like his record continues to be predictable. Isn't it time we removed him? How much more can this world take of him?