Finally, our friend, John Brimelow, wrote a most
interesting piece yesterday that we thought worthy of
reporting here this morning. John wrote… giving “aid and
comfort” to the conspiratorialist crowd but being
interesting nonetheless… that
The recent discussion of the contrast
between the systematic selling between the
AM and PM fixes (tantamount to selling in
the early NY floor session) and the tendency
to overnight firmness has been well
illustrated by a graph published at Ed Steer’s
Casey Research commentary today (see
attachment). Steer adds
“For the month of January, the overnight
bias showed an increase of $169...or 10.4%.
The London intraday bias was -0.02%. So
here we have one of the biggest bull market
rallies in January in recorded history...and
the cumulative move during the 4.5 hour
intra-London trading hours during January
was actually negative. This is
Anglo/American price fixing scheme laid
bare.”
We are not conspiratorialists here at TGL and we find the
“energy” expended by those always trying to prove
conspiracies to be a great waste of mental capital that
could be better used elsewhere. That said, this is
interesting nonetheless. As they say, “Timing is
everything.”
