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May 11, 2011

Frame of Reference

In one sense, the market did exactly what was expected of it today, which was to deliver a surprise. The surprise, of course, came in the wrong direction, at least from my frame of reference. Rather than force traders to chase gold higher, the market dove lower, trapping long-side holdouts and bottom-callers. Of course, the move was not a total surprise, as I had ...


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