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In this day and age of guys wearing ball caps, t-shirts, and jeans to the finest dining establishments in America, a properly attired gentleman sure does stick out. Speaking of sticking out, the precious metals and miners are the bright spot in a rather soft, dull open to this morning’s tape. 12631 member “kelkun” pointed out inside out chat room that that have beeb drifting lower since the open. So, we will see if they are setting up another buy point here. Keep an eye on SLW in particular. I have also been long SLV for over two weeks now.
Apart from the metals and miners, there is not much else going on. We had the makings of a decent open after an upside reversal in the futures overnight, but that has given way to the bears taking charge upon the initial pop. The Nasdaq is leading us to the downside, which is usually not a good sign for short-term risk appetite. With the soft tape, I would liked to have seen volatility abate a bit, but the VIX is on the move and still holding above 30. I’ll be back with more later, but for now it looks to be a challenging trading session that off of this morning’s initial reversal.
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