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Pinball Action in Gold Again

Daily Rap 05-22-2014

The Nasdaq managed a gain of about 0.5%, plus or minus, today, with the Dow flat and the S&P slightly higher. Once again I didn't see any particular catalyst for any real action.

Away from stocks, green paper was stronger and fixed income was weaker, while the metals once again saw pinball action (and a small gain). Today it was a spike to the upside that was rejected after having recovered from yesterday's spike lower. So the waiting game continues between approximately $1,280 and $1,305.

Read 'Em and Leap The deck is so stacked in favor of an upside breakout in the metals it amazes me that so many are still bearish and down in the mouth. Having said that, as I noted earlier in the week, if by some miracle we have a break to the downside...more


Last year's posts for Ask Fleck

Q: in your daily rap yesterday you seemed to suggest that gold and the pms and miners were setting up for a big move up or down…..this is the first time you seemed to feel a big move down was possible. Although you think it up is most likely are you worried about the down side? this is new and certainly not where you have been…can you add some commentary?

Fleck: I'm just acknowledging what I think the market is set up to do. I don't think the market will collapse, but I think it could see a move big enough to trade around. I think it will resolve higher (that's how I am set up, though I will cut back if I'm wrong), but if I felt strongly that a break was possible and didn't alert folks I wouldn't feel like i was doing my job. Hope that helps.
(posted: 5/21/2014)


Q: Hi Bill,
There is a nice article over at Zero Hedge discussing the fact that Russia is selling a record amount of US Treasury`s ....while Belgium is buying a record amount....does this seem odd to you? I mean come on...BELGIUM?

As Russia Dumps A Record Amount Of US Treasurys, Here Is What It Is Buying

Fleck: I have addressed this so please use the search on it, thanks.
(posted: 5/21/2014)


Q: for us audiophiles would you mind sharing the audio info and links from the personal email posted [i think] on 5-19?

very much appreciated.

Fleck: Sure, see below.

"As you are watching "paint dry" and I know you are an audio buff - here is something to consider: the latest and possibly last Sigfried Linkwitz design - the LX521 as reviewed by the octagenarian Peter Aczel.

Linkwitz Lab LX521
LX521 - Reference Loudspeaker

I know you like the Wilson speakers. I have a tweaked Linkwitz Lab Orion with Rhythmic subwoofers:
D15 Direct Servo subwoofer - Signature Edition"
(posted: 5/21/2014)


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