Twas the Trade Before Christmas...A little premarket rhymes for you to start this short trading day...
Dear Fellow Traveler: I’m hoping you can get all your pre-market information from this poem… ‘Twas the Trade before Christmas, and all through the Street… Not a futures contract was moving, not even a beat. The Europeans had closed up their markets with care In hopes that some volatility would soon be there. The traders were nestled all snug at their screens While visions of thin volume haunted their dreams. With DXY flat and the Yen gaining ground The Dollar index traded in a tightly bound range. When out on the wires, there arose such a clatter, I sprang to ThinkorSwim to see what’s the matter. Away to the headlines I flew like a flash, To see if the Japanese were still hoarding cash. The glow of the candlesticks row upon row Gave a red-and-green luster to traders below. When what to my wondering eyes should appear, But gold’s touching forty-five hundred. Oh dear! With a little old driver so lively and quick… I knew in a moment it must be St. Risk. More rapid than algos, the headlines they came… And the wires whistled and shouted and called them by name: “Now copper! Now crude oil! Now JGBs falling! On Meta! On Silver! The contracts are calling! To the top of the range! To the all-time high wall! Now trade away, trade away, trade away all!” As dry leaves before the wild hurricane fly… When they meet with an obstacle, mount to the sky… So up to the highs the commodities flew… With copper at records and gold profits too. And then in a twinkling, I heard on the tape… That Trump posted growth was in excellent shape. As I drew in my head and was turning around… Down the chimney came Hassett without making a sound. He spoke of Fed chairs, all the candidates great, While precious metals were sealing their fate. The Chinese complained about chips and their plight… As Ukraine and Russia continued their fight. Bitcoin sat steady at 87-K. While Snowflake talked deals on this holiday. The BoJ minutes showed hikes coming near… The best gift for hawks at this time of year. He sprang to his terminal, gave it a whistle… And away the thin volume flew down like a thistle. But I heard him exclaim as he closed out his book… “Merry Christmas to all. Now go take a look… At those jobless claims data still coming today. Then rest up, dear traders. FOMC minutes hit Friday. May your P&L prosper, your hedges stay tight. Happy Christmas to all, and to all a good night!” Credit: I based all the premarket news on Zerohedge’s Newsquawk. Trader’s FocusMost institutional desks are done for the year, which means today’s half-day session is about algorithms and thin volume. Markets close at 1 pm ET and stay shut Thursday for Christmas, so if you’re not positioned already, there’s little reason to force anything in these conditions. The real story heading into 2026 is the repricing happening in hard assets.
Silver is up 150% this year, and reports suggest spot prices closed at 78.49 in Shanghai overnight. Rumors of a physical squeeze are intensifying, with reports of failed deliveries circulating out of London. Gold is holding above $4,500, trading around $4,520, while platinum hit record highs amid tight supply. These metals are flashing an early warning signal. Either they crash back down to earth quickly, or everything else gets dragged higher to meet them. Back-of-napkin math shows an ounce of gold can buy roughly a railcar of coal right now... Continue reading this post for free in the Substack app
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