“YOU GO GIRL!”
I don’t even know where to begin to start today’s post, other than to say that everything I have been talking about the last couple of weeks came to fruition today; thank you FED retards [Bullard, Yellen, Fischer, et al] for making roulette look like a viable investing/trading strategy.
Not happy to either screw the longs or the shorts, in whatever market you wish to look at, the “Oracles at J Hole” chose to do both, with well timed and placed statements that roiled markets all morning and into the afternoon. If there was ever a bunch of bigger clueless Twits running things, I haven’t seen ‘em in my lifetime. And while people may think I’m being facetious, I’m dead serious in my objections to people in financial power who literally don’t have a clue, but do their damnedest to try and convince me [because of their Ivy League degrees] that they got things under control. NEWS FLASH: “You don’t and markets know it!”
As for gold trading today, the algorithm pretty much “nailed” it the whole way around; since it’s Friday, I’m too lazy to post charts, but all you have to do is scale back on the M1 with the algo on it and you’ll see the moves with the exhaustion hits [we got ‘em all today RM=1 to RM=4]. And of course, once the move above 1340 happened and the range was around $23, all “bets” come off the table as probabilities plummet for successful signal trading going forward. And so, the biggest move in weeks all happens in about 15 minutes [remember “Speed of Light trading?], as if the world turning hinged on inane comments made by an old dame at the nursing home. As I have said before, the rules for trading have changed; there are no fundermentals anymore; all that’s left are comments by Central Planners who desire outcomes.
So today, the wind gets taken out of the Yellen sails by Fischer, who puts September rate hikes very much on the table come September 21, after her “blah blah”. No worries, next week we get to “hurry up & wait” for the Friday NFP report, which by Wednesday will become “the most important employment report evahhhhh”! Still plenty of time for some more “FED speak” to raise stock prices by hinting at something that might ease rates or simply put everything on hold. All in all, a total F-ing joke.
All week long, major players were hinting this was a “watershed” speech by Yellen, and that volatility had shrunk going into the speech as expectations had begun to grow that markets would gently move to the upside; everything planned to generate steady to slightly higher stock prices, because as we all know, that’s what the 0.01% want and expect. Too bad it never works out that way; and the “good news” is we get it again next week with NFP. Oh joy. I’m so outta here … Until Monday.
Have a great weekend everybody!
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