On The Korelin Report yesterday, Rick Ackerman and Al Korelin discussed the possibility of the Federal Reserve Selling Gold in order to suppress Golds spot price.
From the monthly archives:
September 2011
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At around 3:20 a.m., December Gold was closing on a minor support where I’ve suggested bottom-fishing. If the Hidden Pivot gets trashed, though, it would shorten the odds of the futures reaching a previously identified correction target at 1771.50.
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The Dow was up nearly 300 points at its highs yesterday, savaging bears who may have gloated over last week’s equally impressive decline. These short-squeeze rallies are usually catalyzed by economic headlines, and it doesn’t seem to matter whether the news is good or bad, since the markets have a mind of their own and can sometimes surge on the gloomiest data. U.S. markets actually seem to thrive on bad news as long as it does not emanate from Europe. But it is probably just force of habit that causes shares to rise at such times, since, for nearly a decade, ostensibly bearish stories came to be associated with a likelihood of further easing by the Fed. Easing is of course no longer possible with administered rates already at zero, but any news that might help us cling to the notion that things can’t get much worse is arguably a plus for stocks. » Read the full article
Netflix Plummets, and for Good Reason
by Rick Ackerman on September 16, 2011 7:26 am GMT · 20 comments
Is anyone really surprised by Netflix’s sudden fall from grace? The company’s shares have fallen 45 percent since mid-July, down 136 points from an all-time high of 305. Nearly 40 of those points came yesterday alone, when the movie-rental company acknowledged that its customers have been canceling their subscriptions in droves, apparently because of a horrendous new pricing scheme announced earlier this summer. It’s not often that a bell rings on Wall Street to tell investors it’s time to get out. In this case, however, the ominous “clang!” came via an avalanche of complaints when Netflix aired plans in July to separate its DVD-by-mail service from its faster-growing Internet streaming service. In the days that followed, the high-flying stock, a favorite of investors manifestly as brainless as they were giddy, shed 15 percent of its value. NFLX never even bounced until mid-August, after it had lost a third of its value and was trading for around $200. » Read the full article