Overnight activity featured scrappy and weary trade with boorish positive direction, surely a crafty artifice after yesterday's massive volume with ~$45 buck trading range. Do not strain yourself pondering that hammering of gold; it's just a quick source of cash for those needing instant liquidity, and not near the check-in desk at Motel 6. So do not be overly smug this morning there's work to be done as the guys in the suits, white shirts and blue ties (or is it red?) in front of the mikes tell you it's all under control...just move along folks, nothing to be seen here. The facts: GSR is unchanged at ~40.50...RSI remains under 50, a sanguine reset for upside momentum... gold open interest as of Monday (we shall not be privy to yesterday's activity until this afternoon) declined ~8,000 contracts, hard to fathom but perhaps related to hesitancy of some completing the current roll from April to June...option vols are firming ~16 but still cheap! Today: Orwellian advice to be an engine and not a caboose; we are not sheepish to reboot our sights again on the recent highs.
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