So far in the Futures/Index futures markets this morning since opening yesterday, Friday's The Week Ahead looks pretty on target thus far with the following excerpts for the start of this week.
"As for Index futures, it looks to me they need about a half a day to finish up, although that's a pretty specific prediction, but the charts are clearly negative.
I like to see the 5 min charts clearly negative before entering a position in the direction of the divergence.
As for the larger trend in to next week...
So far futures have moved higher since the Sunday open as expected above with the "first half of Monday" comment...
IT'S A BULLETED PIVOT! Remember last year when the m,market made 3 very specific moves both up and down at critical junctures after head fake moves proceeding a bounce and after the deep October lows sell-off at the lowest low of that move? All of those and 1 additional large pivot were all exactly on the day that St. Louis F_E_D President, Jim Bullard came out and made specific comments to move the market i that direction and since it has bee a sort of tongue in cheek joke that we're at a pivot for a trend reversal (the latest bounce), when we see Jim Bullard.
Well Jim Bullard was out this morning and letting the market know that Europe, nor China is a problem, we need to get off ZIRP policy and there's a decent chance of a September rate hike. Treasuries immediately responded, although the market not so much yet.
I find it but I find it interesting given the very specific nature of the feel I \ got when writing the Friday's Week Ahead forecast. It's just too coincidental Bullard shows up this morning.
As for Gold, this is why I said Friday I'd wait for Gold to give a clear signal and not just average down the speculative Gold call position. Just ass China was opening last night in a very illiquid market, someone dumped $2.7bn notional in gold taking out the entire bid/ask stack, hitting every stop and taking out the psychological $1100 level for gold, down to about $1086.00 per oz. Although it has recovered somewhat off the worst flash crash levels which took about a minute to wipe put all of the stops.
Someone is obviously trying to move gold just as it was done January of 2-14 with an HFT fined by COMEX as it was trying to reset the price of gold lower. In any case, this is why we wait for confirmation.
Any way, despite the very specific Friday forecast which was probably too specific, the appearance of Bullard this morning is BEYOND irony.
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