It was like trading a penny stock at some points during the day, one trader said.
The gold market is likely to also keep an eye on the Israel-Hamas situation after a cease-fire, one trader said.
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One trader said she relied on the market for her income.
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Talk of new Chinese regulation sent most Chinese net names lower, but one trader said the regulation will have no effect on Sina or another popular net name, Baidu (BIDU), which closed 3.9% lower.
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"It is not that the broking community is indifferent to disasters or feelings, " one Bombay trader said this week.
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One platinum trader said the market is bracing for action from labor unions as the mine closures come with 14, 000 job cuts.
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As one savvy options trader said: The best gauge of investor confidence in any major asset in the market place is to look at its present options premium.
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The market will in particular take its cue from retail sales, said one trader.
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"That's where the demand is, " said one trader, speaking of the drop.
One New York desk trader said the declines are not the result of any single news event specific to Wednesday but part of a downward correction that has been occurring for a while now.
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"If there's one thing I can guarantee about Anglo American and Xstrata, it's that we'll still be talking about it this time next year, " said one London trader who has been tracking the merger developments.
"The market views Spinetta's exit positively as it believes an offer is now closer, " said one Milan-based trader.
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