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Monday, May 1, 2017

WELCOME TO “WONDERFUL” MAY DAY!


“Hope & Change! I’m With Her! All for me; none for thee!”

Oh what a glorious day as moronic useful idiots all around the world celebrate a societal system where everybody who lives under it hates & despises it, and where true economic & personal freedoms flourish, Snowflakes everywhere think it’s “hip & cool” and do “stupid shit” like wear Che T-shirts. I’m sure somewhere today, all the “ANTIFA Fascists” in the U.S. will no doubt riot, cause damage to private property, and otherwise blame everybody on earth for their miserable plight; cuz it’s what Snowflakes do when they don’t get their way.


So, in the “spirit” of “Progressive Freedom Day”, and in what can only be appreciated in the light of stinging irony & hilarity, I notice over the weekend that a bunch of Graduate Student Assistants at Yale are holding a “hunger strike” over what they consider “unfair” treatment by Yale administrators; seems they think that $30,000 pay, free tuition, free room & board, and free health care coverage in the university’s health care system borders on slavery. “I mean … like totally … it’s not fair”! Just your usual sort of comedy gold that you expect out of future SJW’s, but 2 things got me laughing.

The first is that it really isn’t a hunger strike; what they did was erect a tent, and you sit in the tent and vent to others sitting there as well about your plight as a Grad Assistant, “the man”, all of the “–isms”, and whatever else is “on your plate” for the day, and the rule is you can’t eat anything while you’re in the tent cuz you’re on a hunger strike for justice! But, when you feel hungry, you leave the tent and somebody else will come into the tent and replace you and your “hunger strike”; then later you can come back … after you’ve eaten NATCH! … and you can start all over again your hunger strike against worker oppression! “OMG, these poor little dears; make sure you get plenty of water and rest, and make sure you shower and keep good hygiene. God, my fist is already in the air and I’m mumbling ‘power to the people’ … NOT”.

The second is funnier yet, and gives me a glimmer of hope for the future of the country; it seems the Yale College Republicans are hosting a free barbecue right alongside the poor, unfairly treated Yale “slaves”. You can have free roast pork, baked beans, corn on the cob, some potato salad and a bottle of cold water free for the asking. “Oh the humanity”!

I think what needs to be done, is for these Grad Assistants at Yale to call up Alum Cankles Clinton and try and get a little help; after all when you basically skim a couple of hundred million off the top of the U.S. economy engaging in bribery, public corruption, graft, and influence peddling over 20 plus years… and learned it all most likely when at Yale Law School, it’s only “fair” she should help these future SJW’s and cut them a little slack for their effort. “You guys just keep that tent up and continue your hunger strike … the check is in the mail”!

And when you get tired of waiting for that check to arrive, how about “hitting up” Ex Preezy Chalky Soetero, who inked a speech to a Wall Street firm [Cantor Fitzgerald] for $400,000? Not bad for a half hour of moving your lips and lying, but hey, “I’m down with the struggle”!

“So rise up workers and celebrate! Your glorious leaders are busy skimming the evil capitalist system FOR YOUR BENEFIT! That’s right, they don’t want the money for themselves … no, they take it to show you the evils of taking it! Got it? … Errr, whaddaya mean you don’t get it”?

Turning to today’s efforts on behalf of “workers” everywhere …”that’s right, for the first minute of trading I will not look at my screen nor engage in trading to show my support for Communists, Socialists,  Anarchists, Progressives, Liberals, Snowflakes, and other general deviants known to man who demand “free shit” as a “right”. I will wear my multi-colored ribbon on my lapel to create action to change the world … people can only be happy when total misery & suffering are spread evenly and everywhere to all! … all the while of course, ‘Fearless Leader’ waits for the $400K to clear the bank … now, I’ll go back to making money for myself & clients, OK”? Damn! I just love Holidays!

Here a couple of hours before the New York open, and again everything is very quiet; of course, capitalist equity markets across Europe are closed to celebrate the antithesis of capitalism, “May Day”, which makes no sense whatsoever, but Europe being Europe they’ll celebrate almost anything to get a paid Holiday and drink beer all day; “you don’t see any European traders complaining do you”? News out early this A.M. that a Gov’t shutdown has been avoided and a budget deal worked out until October has had zero affect on the stock indices; I don’t think anybody expected any other result, so there isn’t any surprise factor in this news. April PMI due out at 10 New York time; could be quiet until then.

I again, point your attention to the SP500, which is hanging around this 2385 - 2395 area, and if it starts rising above 2395 and gets over 2401 – 2402, look the hell out cuz there are plenty of institutional folks out there short option gamma [the May & June options in the 2425 – 2500 strikes], that if the index starts going up, there only option [pun intended] is to buy futures; the potential to be messy on the way up is probable. “You remember February’s melt up? Yea well, only bigger this time cuz the short open interest is larger”.

I want to bring your attention to the fact that since last week’s melt up, every day since then has basically seen the indices open higher on the day in New York and sell off … this comes from the hope overseas that there will be a continuation of the rally … when it doesn’t come, they sell off before the European close. What we need to see here in the Dow30 & SP500 is a lower opening in New York from which a rally can commence and move higher throughout the day. However, after spending time lower, don’t be surprised to see a “sleeper” rally in here somewhere; while the Dow30 goes lower, the SP500 shows no interest at all in going below 2385; get it above 2393 later today [presently at 2389.5 bid as I write] and it could get really interesting to see what happens next. So far, all the lows have produced no M1 signals, which isn’t surprising, cuz those lows haven’t held. If the Dow30 breaks down below 23900, no real price support until you get into the 20750 – 20800 area.

For an index that couldn’t wait to melt up 500 plus points on “nothing” but French election results, we’ve now spent the better part of more than a week doing nothing but slowly melting down; over the last 5 days, there has been zero on the upside. Makes me wonder if people aren’t just taking the money and running as fast as they can for the exits.

Thank you President Trump for the Dow30 slam @ 12:51, with more “loose lips sink ships” RE your comments on “thinking about” breaking up the big banks. HINT: “If you’re going to do it, just STFU and do it already; no need to talk about it”. And there you have it ladies & gentlemen; more proof every day of “speed of light trading … crickets”. And from where I’m sittin’ it looks and feels very much like it’s getting worse by the week; “and now that the damage for the day [down 50 points in less than a minute] has been wrought yet again on trader’s of all stripes, we can go back to the 3 index point range for 3 hours we were in before … only at a different level of course”.

Meanwhile, the NDX100 just keeps powering up to new “record-er-er” highs; quoted at 5630 bid as I write, it was below 4,900 at the start of 2017. Looking around the MT4, trading conditions are a disaster; yea, I know it’s “May Day” and half the world is off drinking beer, but what’s our excuse? The action in the Dow30 is miserable, with brief spurts showing some movement, then it’s crickets for hours on end. Not that it’s better in anything else, where once again the gold manipulators came in and sold a few billion in notional value and slammed the pet rocks down to the 1255 level; God help you if you’re in that market.

Multiple trades today in the Dow30, 3 to be exact, 1 was Ok, the other 2 signals got me long way to late and caught in our old friend the “Flying Wedge of Death”; the signals were good, they just didn’t work. You get a “doji” day like today, where we opened, went to the low, came back to the high, went to the Trump low, then rallied back to the high, then went to the middle, and there are going to be problems, especially when every move today had “news” attached to it. Doji’s and the accompanying FWD that often come with Doji’s are very tough to avoid; you have to take the signals when you get them, cuz if you don’t you won’t ever make a trade. In the stock indices they don’t show up that often, so I tend to ignore them when they cost me a little heartburn [like today where we collectively lost a couple hundred bucks]; it’s the price we pay to trade and be profitable in the stock indices. That doesn’t mean I particularly like it when they show up, simply I don’t worry about it that much because it’s rare. Tomorrow’s another day!

PAMM/MAM spreadsheet directly below.
 





Ok, the dog is screamin’ at me to hit the beach! … We’re outta here … until tomorrow mi amigos!


Have a great day everybody!
-vegas
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