A quick Mecca stop for we drivers, but more importantly within 5 minutes of the brickyard is a heavenly destination for barbecue. Not to be missed in one's lifetime is King Ribs Bar-B-Q www.kingribsbarbq.com . Active overnight trade with buyers maintaining a tight grip on any selling. The facts: GSR is unchanged at ~34.60 with continuing passionate perceptions ranging from the rabid to the serene. I can't absorb all the conspiracy stories and so I must remind you of the Auerbach principle...over time, you can only manipulate a market in the direction it wants to go...so act accordingly. Gold open interest as of Friday gained ~10,000 contracts. That now shows significant new buying over two days which is also manifested in firmer option vols...but they remain still very cheap historically if you are setting up call spreads. RSI has just probed the textbook overbought level this morning ~70.50; we think this is the beginning of a retest so we shall roll out an old Keynesian(?) saw, 'markets can remain irrational longer than you can remain solvent'. Today: To complete a trifecta of market lore let's deal with the big round number theory which should give way as the newbies become believers.
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