French bank seeks probe into stock selloff

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  • Brother Chuck Schroeder A Tropical Paradise USA, FL
    Aug. 11, 2011 10:19 a.m.

    London's Burning Dial 999. Or, Just Buy the Farm.

    The midweek trading sessions in New York opened with rising commodity prices. Oil gained nearly 3.5% following a dismal month-to-date performance (see below). Copper added 1.2%. In the precious metals complex, gold opened with a $21 per ounce gain at $1,765.00 while silver climbed 71 cents to the $38.42 per ounce mark. Volatile conditions will remain the order of the day and outsized moves, the norm. Do not expect market moves to make sense given market-impacting news of a specific type. Oh, and just wait until the day after Labor Day. There has now (as would be expected after a $300 bungee jump in five weeks) been a virtual epidemic of $2K and $2.5K gold predictions; complete with shrinking timeframes for those achievements to occur. As in perhaps this very year. Formerly vilified evil manipulator entities (JP Morgan) are now being given exalted, near-saintly status as their latest crystal-ball gazing happen to coincide with the crowd that desperately seeks and exhibits positive confirmation biases. Others still, match the $2K gold calls with their own; the 20K Dow calls.