by Turd Ferguson
TF Metals Report
Today is October option expiration and Friday brings the end of the month and quarter. Therefore, we should not be surprised by the level of abject and overt price manipulation and chart-painting that is being done this week.
As we discussed late last week, below is the most important chart for this week. We suspected that The Banks would intervene in order to keep price from a new monthly high AND below this long-term trendline. The LAST thing The Banks want is a breakout and rally just as Q3 ends and Q4 begins as this would almost certainly inspire new 2016 highs and a virtuous cycle of even higher prices.