Gold & Silver Daily
"This engineered price decline may not be done until December goes off the board"
 

¤ Yesterday In Gold & Silver

Gold was under selling pressure right from the 6 p.m. EST New York open on Sunday night.  Ten bucks got sliced off the price between then and 11:30 a.m. EST on Monday morning.  Then the HFT boyz took another ten spot off the price in a bit over an hour.

The low came around 12:35 p.m. in New York, the dollar index high, and the subsequent rally attempt gained back about six bucks or so.

The CME recorded the low tick at $1,269.20 in the December contract.  The high was the Friday afternoon EST close.

Gold finished the Monday trading session at $1,276.00 spot, down $14.40 on the day.  Net volume was not overly heavy at a hair under 99,000 contracts.

The silver price action was almost a carbon copy of what happened in gold, except the New York low came in a spike down just minutes after 3 p.m. in electronic trading.  The subsequent recovery off that low wasn't allowed to amount to much.

The CME high and lows ticks were recorded as $20.80 and $20.29 in the December contract.

Silver closed on Monday at $20.395 spot, down 38.5 cents from Friday's close.  Net volume was only 21,500 contracts, and over half of yesterday's total volume was roll-overs out of the December delivery month.  In comparison, the roll-overs out of gold were only a small fraction of the total volume.

And as you already know, JPMorgan et al didn't spare platinum and palladium, either.  Here are the charts.

You may have also noticed that both gold and silver rallied at the 8:20 a.m. EST Comex open in New York, but at 9:10 a.m., 50 minutes later, both rallies ran into the usual sellers of last resort.

For the day, Kitco recorded the loses as follows: gold down 1.12%, silver down 1.85%, platinum down 1.95% and palladium down 2.19%.

The dollar index opened at 80.84 on Sunday evening, and within a few hours had "rallied" to its 80.91 high of the day.  After that it was a long, slow slide into the 80.58 low which came at precisely 10 a.m. in New York, which just happened to coincide with the London p.m. gold fix.  The subsequent rally topped out at 80.79 around 12:40 p.m. in New York, and then chopped sideways into the close.  The index closed at 80.73, which was down 11 basis points from Friday's close.

The 12:40 p.m. high in the dollar coincided precisely with the low ticks in gold and silver during the Comex trading session.

Not surprisingly, the gold stocks opened lower and continued to decline until their low tick, which came minutes after 3:30 p.m.  A smallish rally into the close cut the HUI's loss to only  2.01%.

Nick Laird's Intraday Silver Sentiment Index chart looks similar, except the silver equities closed down 2.62%.

The non-eventful November delivery month continues to live up to its advance billing, as zero gold and one lonely silver contract were posted for delivery tomorrow.

There was another withdrawal from GLD, as an authorized participant withdrew 38,594 troy ounces.  And as of 10:04 p.m. yesterday evening, there were no reported changes in SLV.

Since yesterday was Monday, there was a sales report from the U.S. Mint.  They sold 6,000 ounces of gold eagles; 1,000 one-ounce 24K gold buffaloes; and 361,000 silver eagles.

Over at the Comex-approved depositories on Friday, they reported receiving 32,026 troy ounces, and shipped out a smallish 1,171 troy ounces.  The link to that activity is here.

For a change, there was very little in/out activity in silver.  Nothing was reported received, and only 10,180 troy ounces were shipped out the door.  The link to that movement is here.

I don't have all that many stories today, and I hope you find some in here that interest you.

 

¤ Critical Reads

New Market Benchmarks Show a Lack of Options

Stocks rallied past two psychological barriers Monday morning, pushing the Dow Jones industrial average over 16,000 and the Standard & Poor’s 500-stock index beyond 1,800 for the first time, as investors still saw opportunities in the market.

Those round numbers were not important in themselves. Adjusted for inflation, the market remains below the peak it reached earlier in the decade. And by the end of the day, the market averages had retreated somewhat, with the Dow closing up slightly and the S.&P. reversing course and ending down.

A number like Dow 16,000 doesn’t mean anything in isolation,” said Jeffrey Kleintop, chief market strategist at LPL Financial in Boston. “But it helps to create a behavioral bias that gets more individual investors to come back into the market. It’s kind of a flag, telling people, ‘Don’t miss this,’ and more people who have been sitting on the sidelines will be likely to buy stocks.”

This article was posted on The New York Times website on Monday evening EST...and today's first story is courtesy of Phil Barlett.

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Pressure Builds to Finish Volcker Rule on Wall Street Oversight

The push to reshape financial oversight hinges on negotiations in the coming weeks over the so-called Volcker Rule, a regulation that strikes at the heart of Wall Street risk-taking. The rule, which bans banks from trading for their own gain, has become synonymous with the Dodd-Frank overhaul law that Congress adopted after the financial crisis.

Treasury Secretary Jacob J. Lew has strongly urged federal agencies to finish writing the Volcker Rule by the end of the year — more than a year after they had been expected to do so — and President Obama recently stressed the importance of the deadline.

While regulators are optimistic they will complete the rule soon, even after facing a lobbying onslaught from Wall Street, they have little time to overcome the internal wrangling that has stymied them for years.

The tension among regulators — five agencies are writing the rule — has centered on just how stringent to make it.

This news item was posted on The New York Times website as well, but on Sunday evening...and it's the second offering in a row from Phil Barlett.

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Bloomberg News Suspends Reporter Whose Article on China Was Not Published

A reporter for Bloomberg News who worked on an unpublished article about China, which employees for the company said had been killed for political reasons by top Bloomberg editors, was suspended last week by managers.
 

The reporter, Michael Forsythe, was based in Hong Kong and has written award-winning investigative articles on China. He met with supervisors and was placed on leave, said two Bloomberg employees with knowledge of the situation, which was supposed to be private. The move came days after several news outlets, including The New York Times, published reports quoting unnamed Bloomberg employees saying that top editors, led by Matthew Winkler, the editor in chief, decided in late October not to publish an investigative article because of fears that Bloomberg would be expelled from China.

The article, about a Chinese tycoon and his ties to families of Communist Party leaders, was written by Mr. Forsythe and Shai Oster. Mr. Winkler has denied that the article was killed.

This story just doesn't seem to want to go away, and I'm getting the impression that there's a lot more to it than we're being told.  This is the third story in a row from The New York Times website...and third contribution in a row from Phil Barlett.

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Disruptions: A Digital Underworld Cloaked in Anonymity

So this is where they collared the man they call the Dread Pirate Roberts.

It’s up a flight of stone steps, past the circulation desk and the Romance stacks, over in Science Fiction, far corner.

On a sunny Tuesday in October, federal officers entered the public library in the Glen Park section of this city and arrested a young man who they say ran a vast Internet black market — an eBay of illegal drugs.

Their mark, Ross William Ulbricht, says he is not the F.B.I.’s Dread Pirate Roberts, the nom de guerre of the mastermind behind the marketplace, Silk Road. And the facts, his lawyer says, will prove that.

This very interesting story is another article that was posted on The New York Times website on Sunday, but this one is courtesy of Roy Stephens.

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Authorities See Worth of Bitcoin

Senior U.S. law-enforcement and regulatory officials said they see benefits in digital forms of money and are making progress in tackling its risks. The price of bitcoin, the most common virtual currency, soared to a record following the comments.

U.S. authorities, appearing Monday at the first-ever congressional hearing on virtual currencies, outlined the pitfalls and promises of bitcoin amid concern the anonymity and decentralized nature of some virtual currencies can help facilitate crimes. The hearing provided a financial lift to bitcoin as U.S. officials, who have previously highlighted the currency's role in money laundering and other illicit activities, called it a "legitimate" financial service.

"The Department of Justice recognizes that many virtual currency systems offer legitimate financial services and have the potential to promote more efficient global commerce," Mythili Raman, acting assistant attorney general for the department's criminal division, said in testimony before the Senate Homeland Security and Government Affairs Committee.

This very interesting story was posted on The Wall Street Journal website last night...and I thank Casey Research's own Louis James for sending it around.

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Alasdair Macleod: Co-operation between central banks

The logical implication from the Fed's and the BoE's actions is that interest rate policies are being managed with the weakest in mind. Therefore the course of prices and bank lending in the eurozone could be regarded as the current determinant of when tapering will be introduced by the Fed.

However there is still an overriding problem: if the stimulant of monetary inflation is reduced, rates along the yield curve will rise rapidly from today's wholly artificially suppressed levels. The two cannot be divorced. The Fed knows this, and it is central to its internal debate.

The fact of the matter is that just as zero interest rates flatter bank balance sheets and government borrowing costs, the reverse is also true. Add into the mix the deflationary implications of more normal interest rates and it is obvious that the Fed and the BoE are trapped. They will not be looking forward to the day when they run out of excuses for this dilemma. But for now at least there is a rescue mission in place for the eurozone, and the Fed will continue to lend its support to foreign banks.

This short commentary, complete with embedded chart, was posted on the goldmoney.com Internet site last Friday...and I found it buried in a GATA release on Saturday.  It's definitely worth reading.

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Supreme Court blocks challenge to NSA phone tracking

The Supreme Court announced Monday morning that it would not be considering at this time a complaint filed months earlier that challenged the legality of the National Security Agency’s dragnet telephone surveillance program.

The high court issued a notice early Monday without comment acknowledging that it would not be weighing in on a matter introduced this past June by a privacy watchdog group after NSA leaker Edward Snowden revealed evidence showing that the United States intelligence agency was collecting metadata pertaining to the phone calls of millions of American customers of the telecommunications company Verizon on a regular basis.

That disclosure — the first of many NSA documents leaked by Mr. Snowden — prompted the Washington, DC-based Electronic Privacy Information Center, or EPIC, to ask the Supreme Court to consider taking action that would end the collection of phone records on a major scale.

So much for The Constitution of the United States.  This news item was posted on the Russia Today website late yesterday afternoon Moscow time...and it's the second offering in a row from Roy Stephens.

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Reding in Washington: E.U. Sends Tough Commissioner for NSA Talks

When the European Union wants to signal that it's serious about an issue, it dispatches Viviane Reding. And that's exactly the plan for Monday, when the tough E.U. justice commissioner is set to meet with her counterpart, Attorney General Eric Holder, in Washington to discuss the consequences of the National Security Agency (NSA) spying scandal.

Reding, who is from Luxembourg, has a reputation in the US capital for being a formidable opponent. Her decisive attempts to ensure that Europeans enjoy the same rights to data protection as US citizens have not necessarily been welcome, though. "If Reding wants to continue keeping big US companies away from Europe, then she shouldn't be surprised if Europe is soon as isolated as North Korea," one high-level person working on trans-Atlantic issues said.

But ahead of the meeting with Holder, Reding's resolve remained unbroken. "Data protection is a fundamental right in Europe," she told SPIEGEL ONLINE. "Fundamental rights are non-negotiable. Period."

This news item, which is worth reading, was posted on the German Internet site spiegel.de during the Europe lunch hour yesterday...and it's another offering from Roy Stephens, for which I thank him.

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Thousands of trucks block French roads in tax protest

Thousands of trucks blocked motorways across France on Saturday in protest at the government's controversial plans for an tax on heavy vehicles, causing hours of delays.

Police estimated 2,000 trucks while organisers said 4,000 lined motorways, driving slowly and clogging up traffic into various French cities including Paris, Strasbourg, Toulouse, Bordeaux, Marseille, Lyon and Lille.

The road transport federation OTRE organised the protest and instructed truck drivers to leave one lane free for cars, but to block "foreign trucks".

"We do not want our competitors to carry on driving while we have stopped," OTRE leader Aline Mesples told AFP.

This article was posted on the france24.com Internet site on Sunday...and once again I thank Roy Stephens for finding it for us.

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The Red Bonnets of France

France is on the verge of a "social explosion," the country's top regional administrators warned the government in a leaked confidential report.

"A steadily mounting number of bankruptcies and forced redundancy plans are having a marked effect," said the report, issued by the prefects, top civil servants who since Napoleon's day have been the arm of the government in all the regions of France.

"And as the bad news continues to build, there is an atmosphere of pain and despair. There is a lack of hope for the future and this is fertile territory for a social explosion in France," they warned.

I posted a story similar to this in my Saturday column...but here is UPI Editor Emeritus Martin Walker's take on the current situation in France.  This news item represents the final contribution of the day from Roy Stephens.

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Fukushima operators begin risky nuclear fuel rod removal

In a highly risky undertaking Fukushima plant operators have finally begun removing over 1,500 nuclear fuel rods from one of the four reactors at its damaged nuclear power plant in northeastern Japan on Monday.

During the first transfers of the operation, steel fuel rods were laid in a cooling pool in a damaged reactor building. The portable pool holds 22 rods, with the operation being likened to removing cigarettes from a squashed pack. While the first group will take around two days to move, it could take up to a week to move the cooling pool to a common storage pool in a different building, TEPCO told Reuters.  "We will continue with the work from tomorrow and proceed, paying close attention to safety," said TEPCO in the statement.

It is important to conduct the transfer as soon as possible as they are being stored in an unstable building which could potentially collapse in the event of another earthquake.

Unit 4 of the Fukushima Daiichi plant was offline at the time of the 2011 catastrophic earthquake and tsunami, which is why, unlike the other three, its core didn't go into meltdown.

It will be interesting to see how this operation proceeds, as it's 100 percent certain that it won't go smoothly.  This Russian Today news item was posted on their website early Monday morning Moscow time.  I thank reader M.A. for sending it our way.

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Eight King World News Blogs/Audio Interviews

1. John Embry: "Orwellian Propaganda," Delays and a Catastrophic Ending".  2. Michael Pento: "This is Going to End in an Unprecedented Catastrophe".  3. Art Cashin: "Stunning Events to Create a Historic Financial Earthquake".  4. David Stockman: "Worldwide Turmoil to be Far Worse Than 1981".   5. Robert Fitzwilson: "The Largest and Most Spectacular Rise and Fall in History".  6. James Turk: "Behind The Scenes Glimpse at the War on Gold and Silver".  7.  Richard Russell: "Historic Climax Will Take Place Over the Coming 12 Months".   8. The first audio interview is with David Stockman...and the second audio Interview is with Art Cashin.

[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests to them, and not to me. Thank you. - Ed]

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Jim Rogers: QE, currency wars, gold and inflation

In this revealing interview with Birch Gold Group, Jim Rogers, legendary investor and author, explains just how badly Quantitative Easing and ongoing currency wars are damaging the U.S. economy, and why it’s so important for any person to protect their savings with physical gold and silver.

Rachel Mills of BGG conducts this 15:28 minute audio interview with Jim...and there's also a printed transcript.

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Koos Jansen: West to East gold distribution update

Updating his data on the flow of gold from West to East, gold researcher Koos Jansen concludes today that the flow is far greater than is estimated by the World Gold Council, whose gold supply and demand estimates lately also have been challenged by Sprott Asset Management CEO Eric Sprott.

Of the likely annual imports of gold into China, Jansen writes: "While the World Gold Council estimates Chinese consumer demand will be over 1,000 tons, my estimate is it will be over 2,200 tons. In my humble opinion just the official route raises a few eyebrows to the WGC demand numbers. If we then take into account that gold is also imported by China through ports other than Hong Kong, more eyebrows are raised."

But then despite GATA's entreaties and frequent sharing of information, the World Gold Council has remained silent in the face of growing evidence of central bank intervention against the gold price, and that silence implies complicity. Indeed, the World Gold Council exists only to make sure that there never is a world gold council.

Jansen's commentary is headlined "West to East Gold Distribution Update".  It, and an Eric Sprott commentary are embedded in this GATA release from Saturday.

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Doug Casey and Rick Rule: Stop Thinking Like a Serf

Here's a 90-minute Q&A that was recorded at the Capitalism & Morality Seminar in Vancouver in July...and it was just posted on the youtube.com Internet site on November 12th.  The audio quality is not particularly good, so I hope you can hear what they have to say.

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Louis James: Downturn Winner...Posed to Profit at Any Price

We've advised readers not to worry about exactly where the bottom is—it could be behind us already, or might be just in front of us—but to focus on buying value. But we understand that that's hard to do in the face of so much volatility and uncertainty.

Fortunately, we've uncovered one gem of a small, well-run mining company that is making record profits, even with lower metals prices—and its shares are up while almost all others are down.

If I could only recommend one single stock to people who want to buy into the sector, gold in particular, but who are nervous about near-term weakness in gold, this would be it.

This commentary by Louis is embedded in yesterday's edition of the Casey Daily Dispatch...and it's worth reading.

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Eric Sprott Says GFMS Stats Are Flawed: Could Bad Data Be Depressing the Gold Price?

Demand for gold bars, coins and jewelry increased to multi-year highs in the first half of 2013, but was offset by outflows from exchange-traded funds, according to the World Gold Council, which produces a quarterly Gold Demand Trends report and recently released the first-ever Direct Economic Impact of Gold report. Sprott Securities founder Eric Sprott questioned those statistics in a call-out on his website.

He figures that the demand for gold is actually 3,000 tons more than the annual supply, and therefore the gold price will soon be much higher. What is the true demand for gold? How much is really available in any given year? Does supply and demand really determine the price of gold anymore? The Gold Report called Sprott and John Gravelle, global and Canadian mining leader for PwC, which produced the report for the World Gold Council, to find out.

This interview with Eric was posted on theaureport.com Internet site yesterday...and even though you may be familiar with the story, this is still worth reading.

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Sprott's Thoughts: 19 ‘Tough’ Questions for Eric Sprott on Gold and Silver

Eric Sprott founded Sprott Asset Management LP in 2001. Sprott Asset Management is an independent asset management company headquartered in Toronto, Canada. The company manages the Sprott family of mutual funds, hedge funds, physical bullion funds and specialty products and is dedicated to achieving superior returns for its investors over the long term.

Sprott’s US affiliates, Sprott Global Resource Investments Ltd. and Sprott Asset Management USA, offer full-service brokerage services and managed accounts for US and international, non-Canadian investors. Accredited investors who are clients of these companies may be able to invest in Limited Partnerships alongside Rick Rule as they become available.

Eric Sprott recently answered a number of questions on the minds of gold and silver investors, and we hope you’ll find his insights valuable.

This Q&A with Henry Bonner was posted on the sprottgroup.com Internet site yesterday...and is definitely a must read.

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U.A.E. bank offers gold bullion coins as profitable and safe investment option for clients

Noor Islamic Bank has rolled out sales of the UAE gold bullion coins for retail buyers in denominations of one, half, quarter and one/tenth ounce in 99.99 per cent purity (24 karat).

The innovative product offering makes Noor the first Islamic bank in the UAE to offer a fully fledged product in the precious metals segment. The initiative has been launched in partnership with the Dubai Multi Commodities Centre (DMCC), which designed and launched the UAE gold bullion coins in April 2012.

Omar Anwar, Acting Head of Treasury, Noor Islamic Bank, said: “Gold is primarily a long-term investment that holds the potential to offer multiple returns. However, most investors are wary of gold securities, which do not give the same assurance as physical gold as there is always a question on the ratio of global gold stocks and the issuance of certificates. On the other hand, storing physical gold has always posed a critical concern for investors. With the option of storage facilities, our product effectively extends a safe investment option to individuals looking for profitable yet secure avenues to park their funds.”

This commentary was posted on the emirates247.com Internet site on Monday...and I thank Manitoba reader Ulrike Marx for sharing it with us.

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India's Department of Posts floats gold coin tender, others cry foul

A battle appears to be brewing between the Indian government and the Department of Posts, which has floated a tender for the sale of gold coins through some 1,000 post offices.

With the Indian government taking strong measures to discourage gold consumption, the tender by the Department of Posts has also brought on howls of protest by political parties.

Sudhakar Reddy of the Communist Party of India, has questioned the tender in a missive to the Prime Minister. Does the right hand know what the left hand is doing? he has asked.

This mineweb.com story, filed from Mumbai, was posted on their Internet site yesterday...and it's also courtesy of Ulrike Marx.

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Gold-Laden Brides in India Defying Singh as Culture Wins

As the sound of traditional drums, trumpets and cymbals ushers Amrita Mannil into the wedding hall, she’s adorned by four finely crafted necklaces, rings, 16 bangles, a glistening belt, dangling chandelier earrings and a stone-encrusted head piece to match the silk borders of her dress. She’s wearing about 800 grams (1.8 pounds) of gold.

Amid the music and the chanted prayers, a gold chain is placed around her neck as the 25-year-old advertising executive marries Vimal Mohan in a traditional Hindu ceremony attended by 500 friends and relatives in Kozhikode, about 180 kilometers (112 miles) from the city of Kochi in Kerala.

“Gold is an asset the girl carries,” 28-year-old Namitha Shyam, the bride’s older sister, said after last month’s ceremony. “The values, status and wealth of the family is represented by the gold the girl wears as she gets married. The more gold you wear, the more pride you have in your family.”

This news item, filed from Mumbai, appeared on the Bloomberg website [of all places!] in the very early hours of Monday morning Denver time.  I thank reader Ken Hurt for sending this article our way.  It's a must read, even if you only look at the pictures.

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Gold No Slam-Dunk Sell in China as Aunties Buy Bullion

Yang Cuiyan, a 41-year-old housekeeper from Anhui province, is one reason China is poised to topple India as the world’s top consumer of gold even as investors desert the metal.

Standing outside Beijing’s busiest jewelry store, wearing a thick coat against the autumn chill, she clasps a gold necklace that cost her 10,000 yuan ($1,640), or five months’ wages.

“I don’t know anything about the stock market and I don’t have enough money to buy property, so I figured gold is the safest choice,” she said. “I can put it on when I go back home to show everyone that I’m doing well.”

Yang, who made the 650-mile (1,000-kilometer) journey to the capital from her rural home to visit relatives and shop, is one of the legions of middle-aged Chinese women, respectfully referred to as aunties, who bought coins and jewelry this year, bringing support to a market shunned by many professional investors who began doubting the metal as a store of value.

This longish Bloomberg story, filed from Beijing earlier today, was posted on their website late last night Denver time...and I thank Ulrike Marx for sliding it into my in-box just after midnight MST.  It's a must read.

Read more...

 

¤ The Funnies

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¤ The Wrap

I see little reason why silver and gold should move in constant lockstep. More individual patterns in silver and gold, from exchange warehouse stock levels and movements, to ETF inflows and outflows, to production and consumption statistics and to the fact that central banks own, buy and sell gold and not silver, argue that price action shouldn’t be joined at the hip.

The question becomes what is causing gold and silver prices to move in tandem, or more broadly, causing most absolute price movement? The answer is almost undeniable – electronic trading on the Comex. Gold and silver prices rarely move on real world supply/demand considerations; prices usually move when the commercials are zooming the technical funds in some way; rigging prices to induce tech fund buying or selling.  Because I believe the price of silver is much more controlled and artificial than is the price of gold, when that artificial control is lifted, silver will climb much higher than gold on a percentage basis. - Silver analyst Ted Butler: 16 November 2013

Despite, or maybe because of, the low volume, JPMorgan et al had their way with all four precious metals again yesterday, at it was another day where "da boyz" took a big slice out of the salami, as Ted Butler is wont to say from time to time.

We hit new lows for this move down in silver, and platinum and palladium as well.  But not in gold.  Here are the six-month charts for all four precious metals.

As I said sometime last week, this engineered price decline may not be done until December goes off the board at the end of this month.  But that's just speculation on my part.  However, with December being a big delivery month in both gold and silver, it's a good bet that this may be the final washout as the month winds down into First Notice Day.

But it's what happens after that, that really counts.  Once JPMorgan and the raptors have finished doing the dirty to the downside, will they go short/sell longs into the next rally?  That, and that alone, will determine how high we go in price, and how fast we get there.  Nothing else matters.  As you've seen over the years, and even the last six months, it's always the same pattern, with JPMorgan and friends capping all rallies as short buyers/long sellers of last resort.  Will they be there this time when they allow the tide to turn?

Since today is Tuesday, it's also the cut-off for this Friday's Commitment of Traders Report.  Any and all volume/price data up until the 1:30 p.m. EST Comex close should be in that report, and I'm certainly interested in how the HFT boyz spin prices today.

As I write this paragraph, London has been open about six minutes.  Gold hasn't been doing much price wise, and no new lows were set in Far East trading.  The price is back to unchanged from Monday's close, but the day is young.  I'm sure you've carefully noted the fact that silver set a new low price tick down about 11:30 a.m. Hong Kong time on their Tuesday, but is almost back to unchanged as well.  The same goes for platinum and palladium.  Gold volume is pretty light, and most of it is of the HFT variety.  But silver volume is much heavier, and a large chunk of that is roll-overs out of December.  And, not that it matters, but the dollar index is doing nothing.

And as I hit the send button at 5:15 a.m. EST, the smallish rallies in all four precious metals got turned aside right at the London open, and all are trading at or below their respective Monday afternoon closes in New York.  Gold volume is a bit under "average", but is still all HFT.  Silver's volume is high, and although there was some decent roll-over volume earlier, most of the volume now is of the HFT variety as well.  The dollar index is still chopping sideways, and basically unchanged.

That's all I have for you today, and I'll see you here tomorrow.