Fwiw........Alxdf closed at usd .07 = cdn .0903 (boc 1.2908 close)
Believe it or not, 2 very bullish and glaring points with alxdf today:
1. The low volume -- only 27K traded. Basically, no one was selling, except dumb money.
2. Sp was very well bid from mid-afternoon into the close. That 163K at the usd .07 best bid was deliciously deliberate and very bullish imo.
Azx at first glance may have appeared to fall out of bed. But the sp was very well bid at cdn .09 from the get-go. It was only after an hour or so that the .095 surface ask started to gradually build, until it just about matched what was on the surface bid. And it stayed this way for more than an hour after the EO nr. Could be wrong, could be right but today's relatively big-volume selling almost looked "staged". Passing of the baton????
Odds and sods:
- looks to me that the market was probably expecting today's nr from EO and his band of misfits, hence the immediate muted response.
- the dow looks poised to fall to around its 200dma. So there's probably another 600 pts or so to the downside before a (dead-cat??) bounce, Actually, it may even fall to 23000 in the st, and thus fill multiple up gaps. But we'll see.
- interesting to note that gold futures were up on the day, while the spot price was down marginally. Tells me st money maybe had to sell to meet margin calls. In contrast, longer term money (futures) was holding, hence buying pressure moved the price up.
Bottom-line:
Funny how today's volume action in alxdf and azx couldn't be more bi-polar to one another. And if anything, both stox seemed to react more to the dow tanking, than to the EO nr. As I said, it looked like dumb money selling on alxdf and possibly "staged" selling on azx.
So what happens tomorrow? Well, looks likely that the general markets will be under pressure again. To start the day, expect the mm idiots to take advantage of the situation by low-balling the bids and #s and increasing the ask supply. They might even throw out a few "sacrifice" trades in hopes you take the bait. Don't be intimidated by these cheap tricks.
Remember, usd .07 (alxdf) and cdn .09 (azx) are what I like to call the "sweet spots". You see, the sp has pretty much hovered around these closing price points for the past 2 months. Even when gold and the dow have been much lower, or EO and his bandits have pitifully whined, the sp still seems to gravitate to these respective prices. That's very bullish. Like I've often said, alexandria is pretty much "easy money". All you have to do is nothing, except buy more if you have some dry powder. Piece of cake.
So we'll see what happens. Aren't the markets exciting! Just stand your ground, folks. Jmvho.
goldopp