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Friday, May 14, 2010

Wall Street Update - Another Wild Ride


Full profit taking in everything. Now even gold is plunging, but it is likely an LBMA "intervention." EURUSD just broke through 1.23 and has no further realistic supports for a long time. The money has no option but to go into gold or money markets. For now it is not going into gold, which means it is a relatively good buying opportunity. Liquidity in stocks is now gone as volume picks up. Two of the desk traders we have spoken to are all wearing fireman's hats, bracing for Flash Crash part 2. Look for much more action out of the ECB/FED/IMF/EU/X-Men/Ghostbusters before Asia opens this Sunday. In the meantime, everyone must sure be grateful that the SEC is contemplating instituting new and improved circuitbreakers some time in 2039.

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