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Tumultuous Trading in Metals

Daily Rap 08-09-2021

The stock market was kind of a nonevent, at least compared to outside markets, with the indices plus or minus small amounts through midday. In the afternoon, nothing much happened.

As noted, away from stocks is where the action was, particularly in the land of commodities. Bonds were a little weaker and green paper was a bit higher, but those moves were inconsequential compared to what took place in the metals.

Night Moves Within about half an hour of opening last night, gold plunged around $86 to $1,678-ish while silver fell $2 to $22.30. It appeared that the selling was precipitated by a large order that, when executed at that time of night, would only have been done in that manner if the goal of the seller was to push prices lower. Who...more

Last year's posts for Ask Fleck

Q: ..."Biden says surge in hiring shows his economic plan is working"..well per his reasoning I would recommend that the next Republican elected President should, upon his inauguration, immediately close every business for 2 weeks, re-open them on February 1st and then pat himself on the back for creating over 100 million jobs...

Fleck: LOL.
(posted: 8/6/2021)

Q: Hi Bill,

Well MSA sure called it yesterday!

What inning, of this pull back, do you believe we are in?


Fleck: I have been so wrong-footed lately that I don't have huge confidence in my guesses, but I'd say it is 8th or 9th inning, given sentiment and positioning (which are very constructive, especially sentiment).
(posted: 8/6/2021)

Q: Bill,

I am terrible at short term options. Less than 90 days and I just do not have the right mindset. LEAPS sometimes make sense to me but I have usually done best with those when I buy in times where I do not even want to look at my accounts (like today). Of course, things may get even worse. But hard to think that stocks like EQX won't be worth more than $8.80 sometime in the next 17 months (by Jan'23).

Fleck: I don't know what these options cost (and that does matter), but I agree with your conclusion.
(posted: 8/6/2021)

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