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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (72219)	6/22/2001 6:15:13 PM
From: IngotWeTrust	Respond to of 116900

Allow me to clarify something about commodity openings and closes, Richard. Yes, of COURSE, everyone, including the big boys care how any given market closes. That closing price is the determining factor that sends the backroom margin clerks into margin calculating and notification FRENZY on a daily basis. So, of course everyone is interested in how a market "closes!" However, what I was trying to say is this: the opening TRADE...and I do mean THEEEEEEE opening trade sets the tone for the "normal market day." It signals who's in the pond and what their intentions are and what signals they are giving to the rest of the players in the "pits" and who the customer is that they are executing buy/sell/spread orders for---all which shows all participants present, which way the cookie crumbles that day. Many trading desks professional, #1 front man/woman floor trader goes home about 30-45 minutes after a commodity opens for trading in the USA markets anyhow. The rest of the day is run by the "locals" who are there to scalp a few cents, long or short, and with instructions to call their bosses if anything develops that they can't handle. It's a pecking order to be sure. Sorry to confuse you with the emphasis I put on the opening trade and the necessity for the information required to place it, do the phone calls, set up the deals .... all before the market opens. The point is this, you can't trade the market and make money after it is closed...only after it is open. And, for what its worth... .... this is one reason why I don't give much credence to ole Bill Murphy's Oil Murphy when he talks about how much money he lost during the copper heyday about xyz years ago. He was so damn green, if you recall his earlier posts, he could NOT find anyone to give him a job after he left the Patriots from injuries. His education was as a chef for crying out loud....not much use for dinged up noggin' ex-pro football player cooks. Ole Veneroso took pity on him and used him as a lackey. Is Bill's now returning the favor or is Frank still pulling Bill's Strings??? Anyhow, only a ______ would lose $27 million paper profits in copper. You see, Richard, you have to have credentials to swing anything EVEN 10 commodity contracts...and there's no way he had the moola with his pity job offer from to get that kind of floor credit, be a local and get himself into that kind of trouble. Someone left him out to dry, or he didn't take orders very well... ....something obviously happened. Any fool can buy a commodity, but it takes saavy and information and reading tea leaves skillsets or some one holding his hand, which Frank V should have been, IMHO, to get out and bank the profits. And he can holler all he wants about the explosive rally coming gold's way. Truth is, I logically suspect he's no more well funded this Quixote tilt at the gold contract windmill than he was at the last copper roofed chance he had when he claims he lost $27Mil. He still doesn't have a personal pot to pee in--to read between the lines of his nightly regurgitation-- And when the "GATA" foolball game is over with, he will STILL be unemployed, and I suspect have TWO multimillion loss stories to regale his family with as he ages. Then what conspiracy is he going to tackle? The European Wheat Commission Price Fixing cause??? It is sad, but Bill's is the kind of story that happens, in bigger and smaller versions EVERY DAY, when there is an uneven playing field fostered by the deliberate withholding of information every trader long or short, esepcially the small spec's in the commodity market is entitled to have. Have a great weekend. gold_tutor