“Unhinged Leftist Libtards had better start getting therapy.”
We all know what happened yesterday in Virginia; I blame Libtards everywhere for their “climate of hate”, cuz they are starting to resemble Hitler’s “Brownshirts”, and if you were publicly educated these last 20 years and don’t know who the “Brownshirts” were, go buy a history book and find out and learn something useful for a change.
I, for one, am literally sick and tired of Liberal double standards, hypocrisy, and to be honest, downright utter stupidity. What happened yesterday was “one of your very own” Libtards, indoctrinated into a culture that finally drove him over the edge, egged on by rhetoric from all the assclowns on the Left who think they are sooooooooooo tolerant and understanding [Cankles], and funny [Kathy Griffin], and brilliant [Rachel Maddow], and who have self-anointed themselves as moral superiors cuz of their erudite brilliance; from so called comedians to political pundits, you morons didn’t do Mr. Jack Squat while your hero, Obumba, turned the Constitution of this country inside out during his regime, all the while you looked on with approval cuz “he’s your guy”. Well guess what? You reap what you sow, and I’m blaming you for the congressman being shot because I’m using your logic and modus operandi that you somehow think you own … OK then, you own it assclowns, and trying to now “slip away” like you had nothing to do with this guy when the evidence clearly suggests you did … all you holier-than-thou, preachy, self-serving, can’t-we-all-just-get-along, clueless Libtard Twits … you got blood on your hands that can’t be washed off just cuz you can’t face reality ... frickin' deal with it!
And on the same day, we got another “culture of hate” going on in D.C. … it’s a/k/a The FED … and despite the empty words, the hate they display towards the middle class of this country is astounding … raising rates into a recession is only going to make matters worse … “matters” that got worse because of what they did years ago coming home to roost via their idiotic policies that we aren’t supposed to remember … they serve one master and only one; the elites of the world with the money, and as I said yesterday, if you think the FED has your interests or that of your family, you need professional help.
Turning to today’s market … yesterday’s clusterfark after the FED meeting brought back volatility to the stock indices, and right out of the gate in Europe this morning, the selling began in earnest … here a few hours from the open and we’re over 100+ Dow30 points lower, and the NDX100 is very close to the edge of the “cliff … whatever happens in the NDX100 today will spill over into the SP500 & Dow30.
Here at the open in NY, the “Plunge Protection Team” in full force at the open, jacking prices 30 points straight up in under 3 minutes; “hello shorts … it’s what they do … do you understand the new paradigm dynamics in the stock indices? … it’s why I have to have a specific big reason to be short, cuz you have to be absolutely perfect to make money on the short side, and very few if any of us fall into that category”. First half hour sees 50 up, then 50 down, and now back in the middle … what a clusterfark.
But, lest you think the fun & games rollercoaster ride is a fluke, we still got a new low [thank you NDX100 sell stops] followed by a “rip your face off” rally to the high of the day; anybody suicidal yet? These last few days to a week, the “Flying Wedge of Death” [FWD] making its appearance way too many times for my liking, and the day ends up almost a “doji”.
And here in the mid-afternoon, after a flurry of activity in the first 45 minutes, and then everything basically dies, the market finds itself back up near the high of the day. Quite frankly, the “setup” for today stinks for higher prices today, given the last days of “doji’s” appearing almost everywhere on the daily candlesticks; point is, this stuff needs a “rest”, and powering to new highs for the day every day on “Plunge Protection Team” [PPT] “let’s kill the shorts” buying is starting to wear thin. I’m not looking for a bear market like a lot of people, but on the other hand the Dow30 is extremely overbought, and taking this stuff higher is only going to make it look like the NDX100 when it’s over. Do the central banks want that? Cuz if they do, just keep ramping it up on “vapor” and you’ll get the NDX100 mini-meltdown in the Dow30 coming up here shortly.
Just about every day without fail and warning, the Dow30 comes off of any low and just “moon shots” up; the problem here is that the ranges aren’t very big; we aren’t getting the “moon shots” off of 130 – 160+ point ranges, but instead have 70 - maybe 100 points and then it reverses with a vengeance. Ranges have been subdued for a while, so I don’t need to see 200+ point ranges to hang on to long positions, but tight ranges with first leg down lows underneath the aqua open line are steadfastly holding almost without exception on every day. I assure you, this won’t last, and as I have said before, it’s the reason my first buys down on leg one are scalps; historically, they are the riskiest to hold onto. Lately no, but over many years yes.
Only one trade today … disappointing really, but after the first hour and the mini-melt up to the 60’s where it spent the better half of the day in a 15 point range, there wasn’t anything to do, and I am not buying the Dow30 on a rally, only to have to pump it out on the way down. I’ll wait for breaks and buy, but buying up near or at the high late in the day? … fugetaboutit! … been there, done that. Made some of what I lost back from yesterday, but despite that the action today was very disappointing … one thing for sure, though, anybody that sells this stuff in “the hole” [meaning on the way down], better have an awfully quick trigger finger getting out, cuz if you don’t the central banks & the PPT will literally ruin your day. Once again today, after the first move down to a new low, that’s it … here comes the “ramp” and it’s off to the races on the upside, where nobody knows where it will end and potentially reverse.
Here towards the close, I for sure do not want to be long up here near “record-er-er” highs; the sooner the Dow30 corrects and cleans some real sell stops out of the way, the quicker it can resume it’s uptrend … I’m concerned these reversals off the bottom are going to quickly turn around and bite [rather severely] the bottom pickers who hold on for more … increasingly also, the FWD is not a good sign for higher prices up here near all-time highs … that leads me to believe, although not tomorrow cuz it’s Friday, that sometime next week the Dow30 is set for some kind of 2 or 3 leg correction down that could be very messy … not nearly as severe as the NDX100 has experienced, but nonetheless hopefully 200+ points from top to bottom. It’s the best thing that could happen to it right now, cuz from here without some kind of correction, I can’t see how anybody buys the Dow30 up here near 21400 … it’s too far too fast to be sustained, which means after buying the breaks, you have to sell [liquidate] the ramps up on the first sign of weakness.
Got the Microsoft Office Excel spreadsheet up and running last night with the help of tech support, so the current up-to-date PAMM spreadsheet directly below.
Beach in 10 minutes! … the dog and I are outta here … until tomorrow.
Have a great day everybody!
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