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Ice we have rob Horowitz the CME trader in the pits at the CME David Sowerby telling us why -- Why -- another downturn is ahead and T dale says a recession is on the horizon let's start with Todd at the CME Todd.
You say that technicals indicate that we should be going into the -- work.
Then we have today why -- Good afternoon David first of all we've -- all levels we are not a technical pattern or making lower highs and lower low.
We have now also breached the 200 day moving average which -- be another indication why we would want to look to go lower here now in in lower -- we can expect dead cat -- is like we had available to rally that's gonna get sold into.
I would think that -- rally that we will see in the next couple of days will be gladly sold in Dubai all the -- in the street.
Based on the technicals of the market we are making a lower highs and lower lows it looks like the market wants to go lower here and take this correction that it's been long overdue.
-- -- -- there are certain exceptions to this rebut a -- gold silver they're not -- are popping.
Palladium are palladium and and platinum bar for different reasons but gold is a little lower today why do you think that so.
Well gold is really just another commodity it really is not a flight to safety the plaintiffs say yeah.
US treasury bond.
So gold and commodity is up against the level they'll 1750 looks to be a very a very high very top here in gold.
I'd be surprised that we got much -- -- -- -- -- anyways I'm looking for gold to continue on its way down as well even though we know that over the next four years the Obama administration we're gonna have -- war.
Quantitative easing -- something like that.
That's -- but.
Most of these things are already priced and we look at market expectations and what's priced into the market and it's the market is telling you.
That right now want to lower the gold market is telling you right now wants to go lower we know what's coming up we know about the fiscal clips that are coming soon and the next six weeks but the market really tell you that it's really not that the given deal and that the technicals say.
Let's take yards are stop here and start going down.
And we'll still get hold I'm with the support but the market itself.
And -- up right now look to be going lower hey Doug can you turn around and figure out what they're shouting about dead down -- to -- -- Yeah they're trying to.
They're trying to sell there -- selling off the counter terror into the into the close their advocates that the they're they're they're they're not happy this is of this -- very.
-- -- -- -- At a depth yet about -- -- get a much bigger rally we should have been able to get up to the thirteen 9014100.
Level today doesn't they were unable to do that that is not a good sign.
For what's gonna happen eyes eyes that we will get some very sharp rallies but the trend now is certainly turn to a little over correction okay by the way.
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