Gold Flash Crashes, “Jubilant” Germans, And Bank Bailouts

Well, gold plunged $18 in seconds on surging volume (18k contracts in a one-minute window) for no apparent reason, falling from 1,253 to test 1,236, the 200-DMA at around 4 a.m. EST. That’s being chalked up to a “fat finger,” and the follow through for the dollar and yields was readily apparent, with Treasurys diving…

Stocks Super Happy, Oil “Flirts With Collapse,” UK Brexits, France Wonders Why No One Voted

Generally speaking, it was a quiet overnight session as traders look forward to a light calendar in the days ahead – or at least compared to the last two weeks. There was of course another “van attack” in the UK (“van attack” has become “a thing” now). Additionally, Monday marks the start of Brexit negotiations.…

Trader: “The Problem Is Ours”

“James Comey’s testimony has been portrayed as the making or breaking of the current presidency. Total vindication or that Perry Mason moment when he tearfully breaks down under questioning, repudiates his opening statement and confesses all. No one listening in today is going to budge one inch in their appraisal of our state of affairs.”

China? China! Kuroda Contemplates His Exit, And Other Overnight Shenanigans

It’s “Super Thursday” and although the real fireworks (if there are any) aren’t set to begin until later, it was indeed an interesting overnight session. We’ll start in Japan where GDP data missed badly. Here’s the quick breakdown: Japan Revised 1Q GDP Rises Annualized 1%; Est. +2.4% GDP rises 0.3% q/q; est. +0.6% Nominal GDP…