True Grit

Just got back from the movies with Mrs. Ferguson. Saw "True Grit". It was OK. Reasonably entertaining. Just glad I live in the 21st century and not the 19th.

The Real True Grit is once again being shown by our Buyer(s) of Size. Just like every other selloff of the past fortnight, our friends have stepped in to stem the tide and reverse the action. We'll go ahead and call this another FUBM formation but, in reality, I don't think Blythe had much to do with this one.

This is more of a "sell the rumor, buy the news" event. Rumors of a second Chicom rate hike have been prevalent for about the last month. Once the hike was announced over the weekend, you knew the PMs would open lower tonight as IBM has yet to create an algo-running hard drive that actually has artificial intelligence. The machines loaded the offer side at the open and, at one point, we were about $9 lower. As it stands now, we are back in the green at $1384.40, up about $4.

We'll just have to wait to see what tomorrow brings. I'll bet that Blythe tries another raid sometime between 8:00 and 9:15 EST, hoping to scare off some weak hands. Hasn't worked for a while and I wouldn't expect it to work tomorrow, either. As mentioned earlier, those weekly charts suggest the next up leg is imminent, either this week or next. I'm leaning toward next week for the big breakout UP but that doesn't mean we can't trade up toward the top of the range this week and I suspect we will. Let's see if we can get a positive close tomorrow in spite of the almost certain EE morning shenanigans. If we can, and with the "scawy chinese intewest wate" stuff behind us, we'll be set up for a very good week.

Turd night night.