Funny, just an hour ago futures were set to gap up toward the top of the last 2-day range as the war premium discussed yesterday as being pushed back from "imminent" to at least Thursday before proof of chemical weapons is shown and a likely weekend raid to US Defense Sec. Hagel saying the US would only act against Syria with International collaboration. On a recording contract we were to sign as I was a younger man "International distribution" meant the management company got another 5% if 1 record was sold in 1 country other than the US, I think the US is pushing this off to next week's G-20, thus the market ready to gap up.
Then came "Good news is bad news" as if the F_E_D is really not already hellbent on ending QE; Initial Claims beat by a little and Revised Q2 GDP came in at 2.5% over the last of 1.7% and consensus on 2.2% with Q1 final at 1.1%, obviously good economic news changed the market's pore-market tone.
ES (white) prepared for a gap up, then 8:30 Initial Claims and Revised Q2 GDP both come in better than expected and ES falls to gap down on the open.
Gold, Silver, Crude and the $USD all knee-jerked.
Truthfully I'd rather have prices at the lower end of the range and see if there is accumulation down there and get this thing settled and get some positions going or managed.
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