Lions and Tigers and Bears, Oh my! Flash Crashes and Reverse Flash Crashes and Swings, Oh my!
That pretty much sums up what is happening at this hour as I watch the overnight trade. It is not only in gold, but I am seeing some very strange things occurring in the December meal contract as well.
Keep in mind what I wrote the other day about those in the gold perma bull camp who are always crying up their “Flash Crash” crap as evidence of some sort of price fixing conspiracy. Also, note that they are deathly silent on what I have sarcastically countered as “Reverse Flash Crashes”.
Well, guess what? We got both in one evening, separated by 90 minutes! The first occurred on heavy volume of upwards near 6000 contract that dropped gold $10 in 15 minutes. The Reverse Flash Crash occurred on even HEAVIER VOLUME and completely erased the losses from the “Flash Crash” and then some.
This post was published at Trader Dan Norcini on Thursday, November 6, 2014.
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