http://www.biiwii.blogspot.com
http://www.biiwii.com
Active overnight trade particularly since COMEX is closed for a holiday to honor our Presidents (Do they have similar holidays in Egypt, Tunisia, Libya, etc?) and only the electronic market is open which by the way precludes most option trading unless you are committed to getting ripped. The facts are frothy this morning with the GSR at new lows ~42.00... RSI is ~66.80 and hardly a delicate bounce from its recent truly oversold lows and do not concern yourself with textbook overbought numbers yet...open interest as of late last week was ~481,000 contracts and remains remarkably low relative to last December's 600,000+ levels. Last week's COT numbers were predictably knee jerk with big and small specs getting net long and the commercials selling forward again after unusually being buyers for most of January. Today (Tomorrow?): With hardly a blink we took out the round number, again. Weekend reading showed stunning confusion from people who should know better (I hope they have day jobs). Irrespective of commodity shortage babble and people legitimately understanding they have a voice and opportunity almost everywhere (get ready) we should have no problem dealing with the resistance of the former all-time high in the mid $1430s.
