Quote from marketsurfer:
holding euro short/ dollar longs here--- recovered nicely from adverse move. holding oil short 
my heavy metal friends are considering selling their physical silver here.....
surfer
<i>[COMMODITY MELT DOWN] Overbought longs jumped ship overnight with NY spec accou...
[COMMODITY MELT DOWN] Overbought longs jumped ship overnight with NY spec accounts responsible for battering oil and metal prices down in a massive profit taking rout. Gold is off 5% to $612/oz after posting its biggest one day fall in 6yrs and silver down a whopping 17% (below $12) after posting its largest one day decline in nearly 2 decades. Elsewhere oil futures fell, snapping out of their 3 day record breaking streak. Whilst none of the major drivers of commodity prices have changed in the past 24hrs, commodities look vulnerable as momentum turns bearish for now. We are not ruling out the rout to continue well into Tokyo hours; with some hefty positions likely to have been squeezed, paving the way for forced margin calls and a potential round of Yen buying in coming days.</i>
Quote from marketsurfer:
first, you tell me the initials of your jet owning student and my acquaintance.
surfer
For not coming to Florida you must suffer his indignation on his time. I promised him I wouldn't spoil it.
In regards to your Markets. IMHO, and I will base all of my opinions on the Futures:
Gold - Is coming off a $228 rally since its last substantial pull back last Spring. The $36 sell off today is huge but we still will see a Challenge of $649 and a then must Fail to breach that level in order to start feeling any comfort at all about shorting this pig.
Silver - Is coming off a $8.40 rally since its last substantial pull back last Spring. The $3 sell off today is huge but we still will see a Challenge of $14.80 and a then must Fail to breach that level in order to start feeling any comfort at all about shorting this one.
Crude - Is coming off a $18 rally since its last substantial pull back last Spring. The $1.65 sell off today is large but we still will see a Challenge of $74.50 and a then must Fail to breach that level in order to start feeling any comfort at all about shorting this hog.
The YM - Made a New top today taking out the previous top by 13 points. We aren't done going up here until an extreme Oscillation is created here confirming a top to this Market.
The Euro FX - Made a New top today further exceeding the previous top by 84 Pips. We aren't done going up here until an extreme Oscillation is created here confirming a top to this Market. The last Bottom is 608 Pips away and not a likely target to be taken out at least until we confirm the current top.
Your "Commodity Meltdown" report is reactionary based on profit taking. It's normal. Same thing happened in December and look what happened since then.
