Tuesday, December 9, 2014
GLD $117.98 makes sense because....
Now that the morning hype is over, here's the GLD chart again:
And GLD selling down from its $119 peak this morning to the region of $118 makes sense, because Wall Street Whitey says "above the second Bollinger gold is >2SD and that means it's way too overbought so let's sell into this because gold is volatile and so we can make a quick profit as gold falls back to its Bollinger mean".
Which is bad if it becomes a trend, but is good if it just means white-ass honky hedge fund crackers becoming more short at +2SD. Cos if the underlying trend is gold-positive, these guys are just trying to pick up pennies in front of a steamroller.
Especially if gold doesn't manage to break down at +2SD and ends the day above it. Cos then Whitey's going to be looking at the guy to the left of him and the guy to the right of him, thinking "aw crap... are these guys closing their shorts? Am I going to be left holding the bag?"
And that could create a pop that puts the final touch of egg on the face of gold bears like Jeff Currie, whose gold $1050 call was weighing heavy on this market til it was proven to nothing more than the SWAG of some clown with a Series 7.
Speaking of which... I just realized something. Why should I have the silly ambition of starting a paid newsletter when I can go to university for a couple years, get my securities license, and open up my own dumbass whitey cracker hedge fund?
I mean, they get paid 2 and 20, right? That's better than writing a newsletter. You take 20% of the other guy's winnings, you even get to confiscate 2% of AUM each year! Hey, hedge fund clowns even get asked for their opinions on BNN, which you don't see with your average newsletter writer (thank god).
I should look into that. I mean, any idiot can run a hedge fund, right?