Overnight action saw gold jerked lower as Europe opened and Asia closed. Thanks to Nanex, we now see 'how' this occurred as the "gold spoofer" has returned. Once the spoofer disappeared, gold has rallied back up to the overnight highs... rigged?
75 gold futures contracts used to "spoof" prices lower...
Via Nanex
And once the spoofer left the building...
It seems $1200 is the line in the sand once again.
While we have generally disagreed with Morgan Stanley's Adam Parker flipflopping on stocks some two years ago, or just as the market was topping out, we can't find fault with his latest note released today in which he openly admits that "our portfolio advice has been pretty horrendous lately. As my 90-year old Latin teacher used to tell the class in 1985, “son, you are in left field, without a glove, with the sun in your eyes."
Submitted by Michael McDonald of OilPrice
Downturn Now Hitting The Refining Sector
As all energy investors know, it has been a terrible year for oil and natural gas companies. Many stocks are down half or more from their 52-week highs. Yet amidst the carnage, one energy group has held up very well – refiners.
Back in October, Quebec put taxpayers on the hook for a $1 billion bailout of planemaker Bombardier, which was having one hell of a hard time creating a buzz around its CSeries commercial jet program.
Bombardier has been around for nearly 8 decades and employees more than 40,000 people in the province. The company’s role in the provincial economy is “incalculable,” Quebec’s Economy Minister Jacques Daoust said last year. “How can I let them go?” he asked.
It has been a morning session of two halves.
In Asia, the mood was somber, and stocks fell with the Shanghai Composite (+1.1%) outperforming on another late session binge-fest by the National Team, and the Nikkei 225 (-1.4%), Hang Seng -1%, Kospi -0.2%, ASX -0.6%, Sensex -0.4% and the South Korean Won all down following news of the biggest Chinese Yuan devaluation in five weeks.