Discussion in 'Metal Futures' started by peilthetraveler, Feb 24, 2011.
That was a huge drop in a few minutes. Anyone know what happened?
apparently, there is a run away from safety and back into stocks!
gold n silver sold off...flight to quality over..things in libya getting better..oil selling off after blow off top last night to 103
lots of smart people sold..more sellers than buyers..pretty simple really
The Hunt brothers are back
And guess what? Today is Thursday! Silver Thursday
one rumor and one fact...
rumor was gadaffi was shot and the libya uprising settled down, and the fact was that ICE hiked margins on oil, which caused a commodity sell off.
Support is at 31 I am still short. There is a gap in gold prices at 1387 to 1390 expect that to be filled plus declining market hurts silver too I would reall by wary being long here u are potentially facing a severe correction.
It sold off after the open outcry session when volume is light which in turn ran into the sell stops, underwater shorts may take advantage and cover on the dip (just another possibility)
Just an update of my charts if anyone cares. I noted the support levels that I see on it.
No reason, just sell stops in a thin market.
Get used to these types of moves, both up and down.
I guess the tinfoil crowd on ET had become fully invested on the long side.
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