Did I mention this is the week of the July stock option expiration?
And there are a lot of precious metal mining stocks with very fat gains, and a lot of leveraged bullish bets that are aching to be tested by the market bed bugs, aka the parasitic algos and ‘market makers.’
Today the wiseguys were feeling fearless, and were tossing their hot money back into the risk trades, mostly to squeeze the other guys who had sought safer, calmer waters from bonds to precious metals.
Let’s see how things progress. So far this is a normal retracement in the precious metals from a short term overbought condition.