Nasdaq 2,562.98 -17.07
SP500 1,213.40 -9.85
30-yrBond 4.25% +0.11
Indices were higher in the morning then sold off. Dollar higher.
With volume in the metals, this could be the time when dip buyers don't step in. A pullback and consolidation would be useful for higher prices. Metal pullback blamed on COMEX raising margins:
Silver fell from the highest price in 30 years after CME Group Inc.’s Comex unit raised margin requirements. Gold dropped from a record.Silver shorts have a small window to cover. After margins encourage speculative long liquidation, look to reload speculative silver longs.
The minimum amount of cash traders must deposit when borrowing from brokers to trade silver futures will rise to $6,500 per contract from $5,000 for exchange members...
Interesting comment from James Rickards:
Most markets consist of two parties, the buyer and the seller. But in futures markets there's a third party in every trade which is the exchange and more specifically the rule making bodies and margin setting panels on each exchange. They act not in the best interests of buyers or sellers but in the best interests of the exchange itself and its statutory duty to maintain orderly markets.
GLD 135.59 -2.19 (1.59%). Set another all-time high, then sold off on big volume.
SLV 26.18 -0.97 (3.57%). Set another 30-year high, then sold off on massive volume.
PTM 20.75 -0.20
XLE 62.38 -0.12
XLF 15.17 -0.29
NG 14.27 -0.33 (2.26%). Made another 52 week high then sold off with huge volume.
LVLT 1.05 +0.17 (18.64%). Possible agreement to provide content delivery for Netflix.
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