Good new for Connor in the pic above; with all that BOE “stimulus”, go to Greece and treat yourself to a couple of hundred high class ladies. After all, isn’t this what they meant by “stimulus”?
Well, of course, most of the “funny money” goes to the corporate types, especially the ones that line the pockets of
greedy, corrupt politicians government service officials. The BOE, like the idiots at
the BOJ are going to be buying corporate bonds of all shapes, sizes,
maturities, and credit worthiness; and of course, given human nature, the worst
of the worst businesses will float debt, default down the road, and the British
taxpayer gets the bill. Welcome to crony capitalism Obama style; it’s the Chicago way now worldwide!
So, after the “all in, kitchen sink” easing from the BOE, gold jumps. With all the worry on this side of the pond, is there any doubt the FED [most likely never in your lifetime] isn’t ever going to raise rates; the rest of the world is aggressively easing, and most are already in negative interest rate territory. So Bunky, tell me how, with all the talk and bluster from Fed idiots almost on a daily basis that rates need to be “normalized” [umm, read higher] how in the hell they can “stiff” the rest of the world and make the Dollar stronger by raising rates?
I don’t think today’s gold market reaction to the BOE is indicative of the true bullish potential of gold from their actions; the selling manipulators hope now is the NFP report tomorrow with a strong jobs report; that would put the BOE news on the back burner and focus the market on the FED again. However, a very weak jobs report, coupled with the BOE today, and the fact it is a Friday, could trap short traders viciously. The only thing holding this market back right now is the NFP report.
After the BOE, I only made one trade today; the chart below with commentary.
This is a classic algorithm trade; 1) the market is above the daily white horizontal line, 2) plum is below yellow, and 3) the slope of the plum line changes from negative to positive. After initiating the long position, I ride the market up looking for a “spike” up that is abnormally large in relation to the previous M1 candlesticks since the inception of my position; when I see it on the chart, the next M1 that turns red and I liquidate.
Usually, I use this scenario for long positions below the white line; however, since the range is now about $14, and more importantly the market is bumping up against heavy resistance at about the 1366 level, and the fact tomorrow is NFP stupidity day, I’m not willing to ride this position and instead prefer to take the profit.
Let’s see what tomorrow brings in the way of surprises … until then.
Have a great day everybody!
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