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Tuesday Afternoon Update
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
tfmetalsreport.com / By Turd Ferguson / Tuesday, April 16, 2013 at 3:59 pm
A handful of items have collected during the day so I thought I’d begin a new thread.
First of all, the action today. Yes, we did see some short-covering and long-nibbling today but it looks like it was primarily CoT window dressing. Why do I say this? Look at the action since the Comex close. After a closing UPtick of about $5, there has been nothing but selling on the afterhours Globex. Clearly shorts that were taken off during regular hours are being put back on after hours. And this is all done after the weekly Commitment of Traders survey is taken, with the intent of skewing the data as much as possible.
The most important thing is what this chart might be telling us. IF today’s action was primarily due to CoT-painting, then tonight, tomorrow and Thursday are likely to see a re-test of last night’s lows, at a minimum. (This means I may get to eat my hat after all.) Pay attention to the charts I posted to this morning’s thread and watch the action closely for clues as to whether we are seeing play out Scenario #1 or Scenario #2.
Thanks to BrotherJohnF
2013-04-16 14:49:09
Source: http://silveristhenew.com/2013/04/16/tuesday-afternoon-update/
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