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Thursday, 10/15/2015 9:05:58 AM

Thursday, October 15, 2015 9:05:58 AM

Post# of 63744
(see charts) I giggled as I watched the preposterous spot gold sell-off reaction.

First, the only data points that meaningfully differed from expectations were:
1) jobless claims: which always are low at the peak of a business cycle (e.g. 2000-2001, 2007-2008)

http://www.zerohedge.com/news/2015-10-15/initial-jobless-claims-plunges-42-year-lows-despite-surgiung-job-cuts

The yawning gap between job cuts (surging most since 2009) and initial jobless claims (hovering near 42 year lows) continues to grow as initial jobless claims collapse 7k this week to 255k - the lowest since 1973. Bear in mind, Goldman's explanation that jobless claims are useless in this part of the business cycle..."this does not signal a booming labor market."


2) Empire manufacturing: which was the most significant data, and the worst

The way that spot gold seemed to be bottoming only to be flooded with massive sell orders was questionable. My favorite part was when, 2 seconds before the 5-min candle was going to finish, before the next candle could begin, the price teleported down by $2 (to finish at $1174.7 - exactly $2 below the PoC line[yellow])
I've seen impressive levels of support for gold ever since we broke-out and held above ~$1144 -- I expect it to rise by 11:00 as we have two Fed-heads speaking at 10:30 and, more than likely, they will put a fork in the rate-hike narrative.
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