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Close Turtle short @ 122.03 - hold'n cash for d'weekend
I'm not sure I have d'ball to play XAU, but I happy to bank the $4k from last night play.
sold XAU @ 668 (only to watch it run to 670), hold'n a short on turtle @ 122...
short turtle and long gold - off to work GL
limit order placed for 200 unit @ 666.666
Only if I place another buy order for 200 units @ 666.666
I'm all in with 812 units from your head-up gold call yesterday.
rid'n 420 pip
thanks and good-luck
Go to the quote panel and click on the pull down menu at the left side upper corner and select commodities
4 billion balls strong
Gold break'n 666 barrier and look'n to 668
I'm watch'n Gold 666.666 and rid' d'coat tails of 2 billion chinese traders
We need to watch the Chinese lucky numbers
Gold - 689.89
Gold - 698.98 and other combinations
666 - In Chinese culture, 666 sounds a lot like the words 'Things going smoothly'. It is considered one of the luckiest numbers in Chinese culture. It can be seen prominently in many shop windows across the country, and people there often pay extra to get a mobile phone number including this string of digits.
Chinese Numbers - 2 = easy, 3 = lively, 4 = death (this one is unlucky), 6 = continuously (use in combination with other numbers, like "68"), 8 = get rich, 9 = long lasting
Just woke-up and rid'n d'665 gold cover zone...
Short-Covering Sends Gold Up
By Simon Constable
TheStreet.com Staff Reporter
5/29/2007 12:33 PM EDT
Gold prices were rising Tuesday as a weaker dollar prompted buying by nervous bears who had previously sold short in anticipation of further softness.
June-dated bullion contracts were up $2.30 at $657.60 an ounce in the New York futures market.
Peter Grandich, editor of The Grandich Letter, explains that the falling greenback sparked a rally in gold as traders scrambled to cover their open short positions on the fear that the recent drop had run its course. Short-sellers try to profit by selling futures contracts with the hope of buying them back at profit later after prices have fallen.
The dollar was trading at 121.62 yen, down from 121.70 yen previously. The euro was buying $1.35, up from $1.3456 before. Over time, the price of gold tends to rally as the value of the U.S. currency declines.
"There is disappointment that the price didn't get above $700 an ounce, and more talk that the base metals rally is over is spilling into the precious metals arena, [adding to negative market sentiment] ," Grandich says .
As recently as mid-April, gold bullion for spot delivery traded above $690 an ounce before beating a retreat to current levels. Underlying the price action was activity by traders who were rolling forward positions from the soon-to-expire June contract to those futures with an August delivery date.
Open interest in the June contract totaled 11.2 million ounces recently, down from 13.4 million late last week. Open interest in the August-dated instrument had recently grown to 12.7 million ounces from 10 million ounces. August futures, which now become the benchmark, were recently trading at $666.20 an ounce, up $4.80.
Elsewhere, new figures show more evidence of a waning retail investor appetite for gold. Investors pulled $85 million out of precious metals equities mutual funds and exchange-traded funds during April, following a drop of $56 million in March, according to new data from Boston-based Financial Research Corp. In the prior four months, sector funds collectively picked up almost $500 million in new assets.
The news comes hot on the heels of a steep drop in holdings by the biggest of the bullion exchange-traded funds, streetTracks Gold Shares (GLD - Cramer's Take - Stockpickr - Rating).
Additionally, in the retail market, sales of bullion coins are significantly down from a year ago, according to says Bill Haynes, president of the Phoenix-based coin dealer CMI Gold and Silver. "Sellers are overwhelming buyers," he says.
Still, he says the few who are making purchases are placing very large orders. That contrasts with large numbers of sellers each unloading a few coins.
http://www.thestreet.com/markets/metals/10359332.html
Gold scores a gain, but ends month at a loss
By Myra P. Saefong, MarketWatch
Last Update: 4:13 PM ET May 31, 2007
SAN FRANCISCO (MarketWatch) -- Gold futures closed almost $8 an ounce higher Thursday as news that the U.S. economy slowed to a crawl in the first quarter helped boost investment demand for the precious metal.
But prices still suffered a monthly loss of more than 3% with the U.S. dollar trading higher for the month of May on lower odds of a rate cut in the U.S.
"Gold's start and end to May is quite the contrast," said Peter Spina, an analyst at GoldSeek.com.
"The market entered the month of May with gold seeing the last of its upwards momentum run, unable to push past the $700 barrier," he said in e-mailed comments. "A major culprit to this was an aggressive amount of central bank selling oversupplying the market in a short period resulting in the current consolidation pattern."
Now, seasonal factors entering the market "indicate there is a good possibility the summer season will be relatively quiet," he said. But "all bets are off if a break of $700 occurs, which now appears to be rescheduled for an end of 2007, early 2008 appointment."
Gold closes at $661 an ounce
Gold for June delivery closed up $7.90 at $661 an ounce on the New York Mercantile Exchange after climbing as high as $662.
The contract had fallen $4.10 on Wednesday to log its first loss in three sessions with traders worried about the potential for a slowdown in Chinese demand after that nation tripled taxes on stock trades.
June gold ended the week with a loss of nearly $22.50 after finishing the month of April at $683.50.
On Thursday, the U.S. Commerce Department reported that the economy grew at a 0.6% annualized pace in the quarter, revised down from the initial estimate of 1.3%, the government said in its second estimate of quarterly gross domestic product. It was the slowest growth since late 2002.
Following the data, the dollar pared its losses against the euro, and rose against the yen as the downward revision to the gross domestic product number was offset by strong gains in consumer spending. See Currencies.
Holding its own
"Despite an onslaught of bearish forecasts, gold has more than held its own," said Peter Grandich, editor of the Grandich Letter. "This has caused some of the shorts to grow nervous."
"We could see panic covering on a move above $665" in gold, said Grandich.
The market is approaching a season that is typically "the lull in investment demand for precious metals on an annual basis," said Neal Ryan, director of economic research at Blanchard.
But this summer could "potentially be quite a different seasonal experience than those of years past," he said in e-mailed commentary.
"We have the labor strikes, more than likely a slowdown of the increased central bank sales of late, and the market is out of favor at the same time the U.S. economy is showing some serious fatigue and the rest of the globe is continuing to grow," he said.
Mark O'Byrne, managing director of Gold and Silver Investments Ltd., said that "increased volatility in the Chinese stock market and yesterday's 6.5% one-day sharp sell-off is not bearish for gold and indeed may be bullish in the long term."
"Any slowdown in the Chinese economy may lead to them curtailing their purchases of U.S. treasuries and stocks with ramifications for U.S. interest rates and the U.S. dollar, which would be bullish for gold in the long term," he explained in a note Thursday.
http://www.marketwatch.com/news/story/gold-futures-rally-set-monthly/
story.aspx?guid=%7B35D4FC70-E8EF-4C61-95F6-E95CA80D4632%7D
I adjusted my T/P to 672.45 as my 2/3 exit point and I'll carry the rest till 683. GL
Rid'n your xau/usd coat tails till 680...
So where do we sign-up?
I just signed -up under "Jester Vandalay"
turtle is starting to act like a pennystock, d'boy has some legs on him.
I have not signed up for d'competition yet.
Only if I bank d'profit early - watch'n $1500 dollars of paper profit being flushed down the toilet.
deja vu
Plac'n limit order for d'turtle @ 121.50 for d'midnight run to 121.85.
- Order hit and cancelled for NSF.
Wait'n for d'next drop
Rid'n your coat tails on 3/4 lot @ 163.53
I'm hold'n for a turtle bounce off 122.15...
long turtle @ 121.32
I like it hot - should be nice for swing trading this week - if only I can get on the right side of the trade this week!!!
I'll see if 121.50 holds
run'n stops gonna drop my limit order down to 121.42.
Ordered a turtle bowl special @ 121.52
will wait for d'dip
South Korea's Navy Cruises Toward Oceangoing Force
ULSAN _ President Roh Moo-hyun appeared to be moved by the ``most brilliant achievement'' of the country's defense technology during a ceremony to launch South Korea's first Aegis destroyer on Friday.
His 15-minute speech was emotional and the President expressed full confidence that the Navy would sail toward a powerful oceangoing force to keep up with neighboring naval powers.
``This is the most brilliant achievement of our national defense science and technology combined with our shipbuilding technology, and a demonstration of our strong willingness to build independent defense capabilities,'' Roh said, apparently referring to the arms race between Japan and China. The ceremony was held at Hyundai Heavy Industries' shipyard here.
North Korea also responded bluntly to the historic commissioning of the ship, named ``Sejong the Great,'' by test-firing a short-range missile into the East Sea.
Speculations varied but some analysts said the test-launch was likely an expression of the communist regime's jitters over South Korea's ever-increasing naval capabilities.
http://www.koreatimes.co.kr/www/news/special/2007/05/180_3687.html
Dollar Trades Near Six-Week High; Reports May Keep Fed on Hold
By David McIntyre and Anchalee Worrachate
May 28 (Bloomberg) -- The dollar traded near a six-week high against the euro on speculation housing and job reports this week will ease pressure on the Federal Reserve to reduce interest rates this year.
The U.S. currency last week reached the strongest in three months versus the yen as traders cut bets the Fed will lower borrowing costs from 5.25 percent. U.S. reports this week may show consumer confidence increased, employment growth accelerated and home sales gained.
``We have the dollar strengthening into the end of the year,'' said Stephen Halmarick, co-head of economic and market analysis at Citigroup Australia in Sydney. Data this week ``will signal the Fed is on hold for quite a number of months.''
The dollar traded at $1.3456 per euro at 7:30 a.m. in New York from $1.3442 late in New York May 25, when it reached $1.3412, the highest since April 11. It will rise to $1.32 by year-end, Halmarick said. The U.S. currency was at 121.68 yen from 121.79 last week, when it reached 121.88, the most since Feb. 13. The euro was quoted at 163.74 yen from 163.71.
Trading volumes may be limited as European and U.K. financial markets are closed today for a public holiday.
The dollar has risen 0.4 percent against the euro as the odds of a quarter-percentage point cut by the Fed in the next year declined to 26 percent from 37 percent May 18, according to a Credit Suisse index based on trading in interest-rate swaps.
A Conference Board report May 29 will probably show consumer confidence rose from an eight-month low. The Labor Department's payroll figures and an index of pending home resales are due for release June 1.
Currency Futures
More traders are betting that the dollar will rise rather than fall, futures prices show.
Futures traders increased bets the yen will fall against the dollar. The difference in the number of wagers by speculators on a decline in the yen compared with those on a gain rose to 151,746 net short positions May 22, according to the Commodity Futures Trading Commission in Washington. A short position is a bet that an asset price will fall.
Volatility implied by one-month yen options stood at 6.43 percent, down from 7.28 percent at the end of last month. Traders quote implied volatility, a gauge of expected swings in exchange rates, as part of pricing options.
The euro may rebound from a six-week low against the dollar as investors have already finished reducing bets on the currency, said Ryohei Muramatsu, manager of Group Treasury Asia at Commerzbank in Tokyo.
Hedge funds and other large speculators decreased bets that the euro will rise against the dollar, data taken May 22 showed. Net euro longs fell 20 percent to 95,287, the biggest percentage drop since February, according to the CFTC.
`Looks Bearish'
``The euro adjustment has already run its course,'' said Muramatsu. Europe's single currency may rise to $1.35 against the dollar this week, Muramatsu said.
The yen may decline further to around 122.20 against the dollar over a week, according to technical charts some traders watch to predict price movements.
The yen had a fifth straight weekly loss against the U.S. currency last week, the longest stretch since six weekly declines ended in October 2005, during which the Japanese currency dropped 5.4 percent. The yen this time lost 2.6 percent in five weeks.
``The pace of weakness this time was not as fast as in September-October 2005, so it seems like the yen has more room to go lower,'' said Masashi Hashimoto, a currency analyst at Bank of Tokyo-Mitsubishi UFJ Ltd. in Tokyo. ``Technically, the yen still looks bearish.''
The Japanese currency may also be hurt by carry trades as gains in Asian and European stocks led investors to borrow in low- yielding currencies such as the yen or the Swiss franc to fund high-yielding assets elsewhere.
Bond Yields
In the medium term, the yen may be underpinned by expectations that Japanese bond yields may rise further. Finance Minister Koji Omi said the Japanese government needs to take the prospect of higher bond yields into account as part of its plans to reduce spending.
The yield on the benchmark five-year note was little changed at 1.3 percent after climbing to 1.315 percent, the highest since Jan. 9. Japan's benchmark rate of 0.5 percent, the lowest in the industrial world, compares with 3.75 percent in Europe.
Higher yields increase the appeal of yen-denominated assets. The yield gap between benchmark two-year U.S. and Japanese bonds, the most sensitive to monetary policy changes, today narrowed to a one-week low of 3.92 percentage points.
``Japan's rates have nothing to do but rise,'' said Yuji Kameoka, a senior economist and currency analyst at Daiwa Institute of Research in Tokyo. ``The U.S. is just keeping the status quo. This will put upward pressure on the yen against the dollar'' to 114 by year-end, he said.
Only on Forex can a dead man awake and walk away after cover'n his dead turtle short.
Almost had a Margin call on d'turtle, held 5 lots, down 125 pips, and fully margin'd... hell of a beat'n is an understatement...
light trading and option barrier are pushing d'turtle higher, maybe to 122.0 by early next week...
on d'sidelines hold'n d'FXGame play money
only if you sing the first few bars and give me a 20 pip handcap
Step 1 - Open game account @ http://fxtrade.oanda.com/fxgame/
Step 2 - Trade two months on your game account.
Step 3 - Ride a few coat tails and learn to speak d'board lingo.
Step 4 - Have fun, enjoy life, and trade d'turtle (USD/JPY)
d'japan governor called and released me from turtle deadrow.
flip d'turtle short on d'CPI news error and rode her for 40 pips.
being on d'right side of d'trend and watching both d'option barriers and expiration times does help one to trade d'forex for a few extra coins.
closed-out turtle short for a long position
flip d'turtle and give her a spin
China Syndrome? Greenspan Worried Shanghai Will Burst
BY MARIE BEERENS
INVESTOR'S BUSINESS DAILY
Posted 5/23/2007
U.S. stocks sold off Wednesday afternoon after former Fed Chairman Alan Greenspan said he was concerned Chinese stocks may undergo a "dramatic contraction."
The Dow industrials lost 83 points in just 30 minutes, sinking to 13,506 at 2:30 p.m. Earlier in the day, the blue-chip index hit an intraday record of 13,610.
The Dow closed down 0.1%. So did the S&P 500, which had been on track for a record close. The Nasdaq, up as much as 0.5%, fell 0.4%.
China's stock boom "is clearly unsustainable," Greenspan told a Madrid, Spain, conference via satellite. "There is going to be a dramatic contraction at some point."
The Shanghai Composite shot up 130% in 2006 and has risen more than 50% so far this year.
Greenspan said a Chinese stock retreat could hurt asset prices worldwide. But the global economy may be able to shrug that off.
"I am not worried about the system overall, but I am worried about some parts," he said. "I am concerned, for example, about China."
Analysts have been concerned about the overheating Chinese market for a while now.
http://www.investors.com/editorial/IBDArticles.asp?artsec=5&issue=20070523
Turtles are dancing in the street....
Japanese Shares May Fall After Greenspan Warns on China Stocks
By Makiko Suzuki
May 24 (Bloomberg) -- Japanese shares may decline after former Federal Reserve Chairman Alan Greenspan warned the stock market in China faces a ``dramatic contraction.'
Mizuho Financial Group Inc. and Sony Corp. may decline should investors sell their holdings to benefit from recent gains. U.S. stocks dropped yesterday after Greenspan's remarks.
``Greenspan's comment became a trigger for the fall in U.S. markets,' said Juichi Wako, a strategist at Nomura Securities Co. in Tokyo. ``Japanese shares may also have a weak day today amid the lack of a tailwind from outside.'
http://www.bloomberg.com/apps/news?pid=20601087&sid=aM2ddeZqO4NU&refer=home
....and pray'n for a 300 pip fall
d'turtle short is still bust'n my balls.
Hopefully d'turtle will only test 121.626 and turn south, if not 2'night d'night my game account will impode upon itself....
I'm on Forex death row wait'n for d'worm to turn on d'turtle.
Japanese Yen Remains Weak
Monday, 21 May 2007 12:06:38 GMT
Written by Jamie Saettele, Currency Analyst
From Friday, “the C wave down that we have been looking for in the USDJPY may be under way. The form of the decline on the way down will clue us in to the bearish potential. A break below the support line drawn off of the 4/19 and 5/11 lows (just above 120.00) may lead to increased selling pressure. A slight new high (above 121.38) is possible in order to complete a small degree 5th wave before a reversal. The chart today points to the fact that the entire rally from 115.14 is corrective, while the preceding decline was impulsive.” The new high has been registered and there are 5 waves up from 119.46 so at least a period of corrective decline is expected. The USDJPY is approaching significant resistance from the 2/22 high at 121.63.
http://www.dailyfx.com/story/currency/jpy_technicals/Japanese_Yen_Remains_Weak_1179749206254.html