“HEY, WHAT COULD POSSIBLY GO WRONG SWIMMING IN THIS?”
I don’t even know where to start with gold today; a gigantic, nothing, warm bucket of spit; markets from oil to stock indices buffeted by slower global growth stats, confusing Fed Pie Hole speeches [“Gee, who could have possibly seen this coming?”], an election cycle that has no limits to its surprises to shock, and most importantly a “bullion wall” of selling by commercials that will not let gold tick up for more than about 4 minutes without getting slammed again.
I got nothing to show for today except 2 oil trades that netted me about 10 cents a bbl; big whoop, as that market trades around and through the “no trade zone”. So, pretty much a breakeven day, with no gold trades.
I must say, yesterday’s “melt up” in the SP500 surprised me; sure, I expected a rebound of some kind after spending all night going lower, but to rally 50+ handles straight up on the HR1 only makes sense in the context of Gartman sold out of his longs and got short; well, isn’t that special?
And I’m going to repeat this again, to make sure you understand what is at stake for your account if gold gets below 1315 in the upcoming days into the Fed meeting; in short, look out below! If it happens, please leave the “long side” of gold alone with a sell stop underneath; whatever it is you think you can make is dwarfed by the risk of a $15 - $30 manipulator tsunami tidal wave of notional [$5 - $10 billion = 10,000 – 20,000 futures contracts] selling in seconds that sees your sell stop filled at the low by the LP.
Watching this stuff diddle around the low 1320’s is like trying to listen to Obama or Cankles; painful at best. It’s all just bullshit as the commercial sellers just wear out buyers and eventually the price lurches lower; rinse, repeat and you get the idea of what trading has been like now for about a week in gold.
What I really need right now is the beach; the other day, I didn’t use enough limes in the Corona’s and I think I’m running a little low on Vitamin C. I’ll make sure I rectify that staggering shortcoming on my part and make sure to take care of myself today; I certainly don’t want to have to be “lifted” into a van and whisked away due to “exhaustion”. How would that look?
Have a great day everybody!
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