Large movement prior to market close.

[sandyf]

About 8pm local time last night there was a fairly large movement in gold that reflected around various currencies. When I say large I mean rate of change rather than overall value.

[Asiantravel]

it will be time for another regular smack down soon

Edited October 3, 2015 by Asiantravel

[Halfaboy]

Graphs look interesting but due to low resolution I am unable to have a detailed look.

Could you post a link ?

Thanks....

[barryw52]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

[asdecas]

Derivatives and HFT have together created false markets worldwide in the past ten or more years.

[Briggsy]

U.S. jobs data.

[sandyf]

Graphs look interesting but due to low resolution I am unable to have a detailed look.

Could you post a link ?

Thanks....

That is easier said than done. Any link would take you to my login or possibly into my account. You should be able to see the same charts on the Netdania home page but I cannot see them as it automatically logs me in to netstation and I don't want to log out. You would need to use internet explorer as the Java is no longer supported by Chrome.

I have redone the gold chart which may be a bit clearer. Note the time is local.

[sandyf]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

Could be but a bit of a sharp reaction. What time would the figures have been released, this occurred about 08.30 US eastern time.

[barryw52]

Release was either 8pm or 8:30pm. I think it was 8:30 but not 100% sure.

[Briggsy]

It caused a sudden and major movement in indices all over the world.

[Mudcrab]

There was a large movement in the local market shortly before closing here too.

I think it was the fat lady who sells fish.

I think most of those present heard it.

Unfortunately I was quite close and heard and smelled it too.

Still, when ya gotta go...ya gotta go.

[1FinickyOne]

With computer algorithm trading these days - - there are triggers and they can have a great effect on volatility, especially in a short period… If you are looking at any market that fine, and trading short term, you are bound to get burned at some point. The longer the term of investment, the less you have to worry these lightning bolts...

good luck.

[TheGhostWithin]

It was the jobs data which was 50K under forecast numbers. This leads market participants to alter forecasts on US inflation forecasts. Janet Yellen, chair of the Federal reserve (US) is focused on inflation and wage growth, neither of which will pick up with low growth of unemployment and 60K revisions post announcement.

This was the cause for the drop off in gold, the lower for longer forecast on inflation and wage growth.

[fang37]

I recently checked the DOW & NASDAQ,

These "large movements"?

I did not see any.

[khunken]

The US jobs data was released at 08:30 EST which corresponds exactly to 19:30 local time when the price of gold took off. Poor economic data is viewed as more delay in an interest rate rise and positive for gold.

[how241]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

+1...That's the story but there is a lot of manipulation in these markets.

[bazza40]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

When you have employment statistics which include people working one hour a week or month. expectations are irrelevant. It's smoke and mirrors anyway.

[oztaurus]

As others have said, US Jobs Data.

If you are trading anything you really need to have a news feed on economic data from around the world. I use www.myfxbook.com

no doubt there are many others.

You also need a strategy for news events, or a long enough trading cycle and deep enough pockets not to get caught out by them. Personally, I don't trade news events, but do look for opportunities as currencies return to wards previous norms.

FYI in about 2 weeks the IMF will meet for a decision of whether to allow the Chinese Renminbi to be granted reserve currency status. This decision is only taken once every 5 years. It will probably go through, taking up to 20% of world trade out of USD based transactions ...... THAT will be a bumpy ride.

[elgordo38]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

+1...That's the story but there is a lot of manipulation in these markets.

Yes there is definitely a lot of manipulation in the market. Dow futures were down about 200 points yesterday and then headed north after the employment numbers were released. Logic would say employment numbers were way below expectations and thus the market should dive it did not. I found this puzzling but the logic seems to be that these numbers are closely watched by the Fed and any interest rate increase will be shelved permanently. They hate to mess with rates during a election/campaign year as well. The second part of investor reasoning (which I find crazy at the best of times) is that these low readings will usher in QE 4 and the financial fix of the last 8 years will continue again unabated a junkies dream. A lot of economists (the dime a dozen crowd) predict that we these new low employment numbers are the new normal and its downhill from here. I think company earnings numbers coming out next week will bear that out. Gold closed up $23.60. I think the gold market is another manipulated market as governments see gold as a threat to the worthless fiat paper they are flogging. The following is a headline which I agree with but go figure the market saw it differently.

Jobs Disaster Confirms This Economy is in BIG Trouble!

[F4UCorsair]

Who cares? Nuts if you buy gold.

[Orac]

I recently checked the DOW & NASDAQ,

These "large movements"?

I did not see any.

The Dow and S&P500 had their biggest single day swing in 4 years yesterday.

[connda]

It's called volatility in a manipulated market. Probably a "short squeeze" as JP Morgan and others play games and the regulators look the other way.

http://kingworldnews.com/the-global-economy-is-in-serious-trouble-but-there-may-be-a-short-squeeze-in-gold/

Do your homework. Go to GATA.org. On silver, look up articles by Ted Butler. Happy homework.

[connda]

Graphs look interesting but due to low resolution I am unable to have a detailed look.

Could you post a link ?

Thanks....

That is easier said than done. Any link would take you to my login or possibly into my account. You should be able to see the same charts on the Netdania home page but I cannot see them as it automatically logs me in to netstation and I don't want to log out. You would need to use internet explorer as the Java is no longer supported by Chrome.

I have redone the gold chart which may be a bit clearer. Note the time is local.

gold 031015.jpg

Use Barchart.com

Navigate to Gold via the commodities drop down. Pick the current 'cash' link. Select the chart and pick interday and select the number of days you want to see.

This is a link to a 3 day interday chart. Have fun!

http://www.barchart.com/chart.php?sym=GCY00&style=technical&template=&p=I&d=M&im=&sd=&ed=&size=M&log=0&t=BAR&v=2&g=1&evnt=1&late=1&o1=&o2=&o3=&sh=100&indicators=&addindicator=&submitted=1&fpage=&txtDate=#jump

[SheungWan]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

+1...That's the story but there is a lot of manipulation in these markets.

Yes there is definitely a lot of manipulation in the market. Dow futures were down about 200 points yesterday and then headed north after the employment numbers were released. Logic would say employment numbers were way below expectations and thus the market should dive it did not. I found this puzzling but the logic seems to be that these numbers are closely watched by the Fed and any interest rate increase will be shelved permanently. They hate to mess with rates during a election/campaign year as well. The second part of investor reasoning (which I find crazy at the best of times) is that these low readings will usher in QE 4 and the financial fix of the last 8 years will continue again unabated a junkies dream. A lot of economists (the dime a dozen crowd) predict that we these new low employment numbers are the new normal and its downhill from here. I think company earnings numbers coming out next week will bear that out. Gold closed up $23.60. I think the gold market is another manipulated market as governments see gold as a threat to the worthless fiat paper they are flogging. The following is a headline which I agree with but go figure the market saw it differently.

Jobs Disaster Confirms This Economy is in BIG Trouble!

First of all it wasn't a jobs disaster, but rather a poor figure on expectations, which is not the same thing. Secondly, the large drop in the market was recovered later in the day.

[SheungWan]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

When you have employment statistics which include people working one hour a week or month. expectations are irrelevant. It's smoke and mirrors anyway.

Market traders are interested in trends and those trends show themselves over a period of time. You might disregard the published figures but the market evidently didn't. However by the end of the day's trading the swoon had corrected itself,

[sandyf]

As others have said, US Jobs Data.

If you are trading anything you really need to have a news feed on economic data from around the world. I use www.myfxbook.com

no doubt there are many others.

You also need a strategy for news events, or a long enough trading cycle and deep enough pockets not to get caught out by them. Personally, I don't trade news events, but do look for opportunities as currencies return to wards previous norms.

FYI in about 2 weeks the IMF will meet for a decision of whether to allow the Chinese Renminbi to be granted reserve currency status. This decision is only taken once every 5 years. It will probably go through, taking up to 20% of world trade out of USD based transactions ...... THAT will be a bumpy ride.

The decision on the SDR composition will be taken at the review in November, not in Peru. The new composition will not be implemented until Sept 2016.

[connda]

There is no price discover in this market. If you're a retail investor, walk away unless the Fed announces another QE (they may use another fancy name). The buzz about a rate cut is a dog and pony show, it ain't gonna happen.

[connda]

As others have said, US Jobs Data.

If you are trading anything you really need to have a news feed on economic data from around the world. I use www.myfxbook.com

no doubt there are many others.

You also need a strategy for news events, or a long enough trading cycle and deep enough pockets not to get caught out by them. Personally, I don't trade news events, but do look for opportunities as currencies return to wards previous norms.

FYI in about 2 weeks the IMF will meet for a decision of whether to allow the Chinese Renminbi to be granted reserve currency status. This decision is only taken once every 5 years. It will probably go through, taking up to 20% of world trade out of USD based transactions ...... THAT will be a bumpy ride.

The decision on the SDR composition will be taken at the review in November, not in Peru. The new composition will not be implemented until Sept 2016.

There is pushback on adding the Renminbi. Maybe in 2016. The dollar's days are numbered, but that doesn't mean there isn't upside in the near term. Expect the US to protect the reserve status.

[sandyf]

As others have said, US Jobs Data.

If you are trading anything you really need to have a news feed on economic data from around the world. I use www.myfxbook.com

no doubt there are many others.

You also need a strategy for news events, or a long enough trading cycle and deep enough pockets not to get caught out by them. Personally, I don't trade news events, but do look for opportunities as currencies return to wards previous norms.

FYI in about 2 weeks the IMF will meet for a decision of whether to allow the Chinese Renminbi to be granted reserve currency status. This decision is only taken once every 5 years. It will probably go through, taking up to 20% of world trade out of USD based transactions ...... THAT will be a bumpy ride.

The decision on the SDR composition will be taken at the review in November, not in Peru. The new composition will not be implemented until Sept 2016.

There is pushback on adding the Renminbi. Maybe in 2016. The dollar's days are numbered, but that doesn't mean there isn't upside in the near term. Expect the US to protect the reserve status.

There are currently 7 reserve currencies, the US has the lion's share. When the change comes the US will just lose some of its share, something that they have been desperately trying to avoid.

They cannot pushback on a new composition for the SDR. Under the IMF constitution that must be decided by the end of the year.

Edited October 3, 2015 by sandyf

[elgordo38]

This was when the US announced the latest US employment numbers which were disappointing. only 150,000 expectation was close to 200,000.

+1...That's the story but there is a lot of manipulation in these markets.

Yes there is definitely a lot of manipulation in the market. Dow futures were down about 200 points yesterday and then headed north after the employment numbers were released. Logic would say employment numbers were way below expectations and thus the market should dive it did not. I found this puzzling but the logic seems to be that these numbers are closely watched by the Fed and any interest rate increase will be shelved permanently. They hate to mess with rates during a election/campaign year as well. The second part of investor reasoning (which I find crazy at the best of times) is that these low readings will usher in QE 4 and the financial fix of the last 8 years will continue again unabated a junkies dream. A lot of economists (the dime a dozen crowd) predict that we these new low employment numbers are the new normal and its downhill from here. I think company earnings numbers coming out next week will bear that out. Gold closed up $23.60. I think the gold market is another manipulated market as governments see gold as a threat to the worthless fiat paper they are flogging. The following is a headline which I agree with but go figure the market saw it differently.

Jobs Disaster Confirms This Economy is in BIG Trouble!

First of all it wasn't a jobs disaster, but rather a poor figure on expectations, which is not the same thing. Secondly, the large drop in the market was recovered later in the day.

Oh wizard I hope you can explain away the low low October numbers when they are published. Set the bar extremely low and then step over it. Thats what most governments and corporations are doing at present. Markets are climbing a wall of worry right now lets hope the wall does not collapse. Quote First of all it wasn't a jobs disaster but rather a poor figure on expectations unquote dah really? This really does not make sense and I have read it over 3 times. Your saying if it walks like a duck and quacks like a duck its an elephant? Yes the market recovered later in the day but markets do strange things. Lets see what next week brings. The big boys are manipulating the market and when they feel that they have milked it as far as possible they will pull the plug and you don't want to stand in one narrow narrow doorway when it happens. I have lived through a period when I flopped my shares out for sale and there were no bids. Its a sickening feeling.

Edited October 3, 2015 by elgordo38