On the Original Black Friday a plot to manipulate the Gold market by a couple of very well connected speculators (Gould/Fisk) was ended by the President (Grant) lying to the people. Along the way a lot of people went bankrupt and several banksters died (hung by mob). I wonder what the modern equivalent will bring. The orginal trade blotter from Sep 24 1869 is thus:
Black_Friday_1869
Interestingly the investigation into the original scandal was headed by Andrew Jackson who later became president. His investigation revealed, to the public, very little. I wonder what he really found out?
Okay I admit it. I have no idea of what is going on in the market. My best guess is that we are in a weird topping pattern in a slow week and am reminded of the phrase “Never short a dull market”. I added to my TZA, at the high yesterday, and if we spike again today then I’ll add some more.
Looking at gold I am reminded of the original black Friday (Sep 24 1869) and am thinking of shorting gold this friday.
Russell
Okay so here we go again. $RUT didn’t quite hit 585, however it was close enough for goverment work (No Pun intended for any PPT workers). On Monday I expect 1 of the following scenarior to happen:
(1) Retest 585 and then head on down to 550ish again.
(2) gap down and keep going down
(3) Break thru 585 and head for 597
My preferred option is (1) Retest 585, fail and then dive lower.
Last night I thought 576 was going to hold as the high on the Russell 2000 ($RUT). That didnt hold out and we hit over 580 – as per my initial guess. As the old saying goes: “Some days you are the dog and some days you are the fire hydrant” – Today I feel very wet. On the positive side I closed my TZA when RUT was in the 550′s and only started stepping in yesterday – I added some more at the close today, however I am still heavy in cash and will by getting more TZA tommorrow if we hit 585 and then close under 580. $RUT chart updated is….
$RUT
I have put together this chart of the EUR/USD. As you can see the USD was close to going into a horrible collapse, however it stopped at the fan line and started to reverse. I am looking for it to go back to around 1.27.
Euro USD
Update: Adding a close up
closer
