Bet on the turtle to get to any finish line today before gold moves a buck; my goodness, how slow can a market get? I had a feeling this was a total waste of time when I got up and saw the currencies and stock indices “dead in the water” right along with gold. Sorry, ain’t playing this game of “chop chop, let’s see where the stops are at”.
This type of action goes to the heart of the current financial market manipulation going on via the Central Banks; nothing means anything anymore except what some Central Banker says, and then markets move at the speed of light towards some unknown point and then abruptly stop until the next banker pie hole opens up to give us all of his/her wisdom. Rinse, repeat and you have present day markets [all of them].
Of course, the problem in very low intra day volatility markets is the fact that if you’re wrong on your first trade, there isn’t enough movement the rest of the day to make it back; you’re stuck, and there isn’t any movement in price to help you out. Need proof? Well, just take a look at gold in a $3 buck range in New York and tell me what happens if you get on the wrong side of $2 of that and then turn your trade around? Where does the loss get made up and where do profits come from when you can’t even get outside the spread for 30 minutes as you’re moving closer to the close minute by minute?
So, no trades today, although there was one tiny algorithm trade you could have made and wound up with about $1; in any event, a wash day with little to show for getting up. Tee time in 90 minutes … I’m sooo outta here.
Have a great day everybody!
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