“Always remember … shaken, not stirred!”
From yesterday, I am left with a profound sense of extreme sadness over the future of the U.S.; we all know what pompous scumbags inhabit Congress, and it’s no surprise to see Senators grandstanding for the cameras … this they have always done. No, what makes me turn to the “James Bond martini” is the fact that every single thing in the entire country is now political, and the fact there are one set of rules for Libtard Dems [there are no other Dems left], and another set of rules for everybody else. To be honest, it’s sickening, and it’s probably the biggest reason I rarely watch anything on TV anymore except sports and maybe a movie. But, as anybody who has watched ESPN lately already knows, they are simply MSNBC with sports.
I don’t really care about James Comey; he’s a camera hog, self absorbed elite Twit who thinks of himself as indispensable; he’s a double dealing, can’t be trusted A-Hole … let’s play both sides of the political wind to see if I can gain an advantage over somebody … and now we know from his own lips he’s a leaker … head of the Federal Bureau of Incompetents leaks sensitive material about the president to the New York Slimes cuz he wants a “special counsel”, like a 2 year old wants a piece of candy. I’m left wondering how many innocent people are in prison today because of this lying scumbag … of tainted evidence to get a conviction … of illegal wiretaps, searches & seizures of assets wrongly obtained, all in the name of political expediency and sucking up to whomever is in charge. And this is what “justice” looks like? This guy the face of “justice” and impartiality? “Bartender, make me up another one quick, por favor”!
Then there is the matter of the former socialist group a/k/a as the “Obama Administration”, who we now know tried to influence the criminal investigation into Cankles Clinton … we all knew this anyway … anybody with a single functioning non-Libtard brain cell can smell the corruption, influence peddling, and bribery from Lynch, Holder, Obama, Clinton, & the DNC; no surprise here to anybody willing to look at the facts. So, where’s the outrage for Lynch’s criminal behavior of obstruction of justice in the MSM? Of course, there is none, cuz she’s black, a DEM, more importantly a Libtard, and it doesn’t advance the progressive agenda to eat your own now does it? “The crickets are deafening”!
And just when you think the bat excrement sandwich can’t get any deeper, along come the Brits and vote in Labor, who are the most sympathetic, terrorist loving, Muslim apologists on the planet to now run the U.K. If you live in the U.K., you have my sympathies for now living in “bizarro world”, where I guess all the problems of immigration & terrorism can now be solved, now that Libtard do gooders may be in charge, by holding hands and singing “Puff the Magic Dragon” by Peter, Paul & Mary. Of course, everybody knows it will only get worse, but since you voted these assclowns into office, get ready for the onslaught of more blood and more dead bodies of Britons, all the while living in your delusional fantasy world of Mr. Rogers neighborhood. “Bartender, yup … shaken not stirred”!
[UPDATE: Apparently, the UK Tories have gotten the preliminary support of the DUP [N. Ireland] hard line unionists from Ireland, and have gotten the 10 seats from them [need 8 to govern] to remain in power. If true, it means the Libtard Labor party can go cry in their milk and maybe there is a sliver of hope for “Ma England” after all. However, with all coalitions in a parliamentary system, things can change rapidly, so we will see what happens in this clusterfark going forward.]
And as I said yesterday, is anything really news if it isn’t good for stocks? So, it shouldn’t be a surprise to see … STOCKS ARE HIGHER IN THE PRE MARKET THIS MORNING! … the NDX100 looks poised for new record-er-er highs … and let’s face it … “Everything IS F-ing Awesome Baby!” … How anything in the last 48 hours can be construed positive for stocks is beyond me, but hey, I got my college degree decades ago and so I’m not as “hip” to the socialist indoctrination that goes on today with “zero, zip, zilch, & nada” critical thinking skills. Such “old fashioned” notions of independent thinking can be upsetting to modern day financial types who see the FED like the wizard behind the curtain waiting for Dorothy. So, nothing left to do but BUY MOAR!
And while it’s difficult to know how the central banks are going to play with their bids to mess with traders heads, one thing you can take to the bank [err, not Banco Popular, though]… prices of the major U.S. stock indices aren’t ever going to be allowed to go substantially lower ever again … hell will freeze over first … and right along with that will be the manipulative cap on gold, the “Plunge Protection Team” floor underneath oil, and the back & forth “going nowhere” FX pairs. This is “The Golden Age of Central Banks”, and they aren’t ever going to give centrally planned markets up unwillingly or easily without a total revolution. And to “PROVE MY POINT”, simply follow and read the link directly below, and then tell me they “aren’t” the market. EXIT QUESTION: “Besides the central bank money cartel, who else comes close to this kind of buying power”?
After yesterday’s clown show, the one thing still holding the country together is investor confidence; and if you think the FED is going to let that slip away, I got some Haitian land to sell you also. Once lost, it’s a very tough prospect getting it back, and they will do anything [lie, cheat, steal, print money, whatever] to make sure it doesn’t happen with a market slide taking prices lower.
Turning to today’s market … here in the pre-market, about 90 minutes from the open … and of course we are near the high … what else? … as I’ve said before, nothing can interfere with the official government mantra of “stocks must never be allowed to go down under any circumstances” ever again … and no matter how insane this seems on the surface of it, you be the first to sell to ‘em and let me know how that goes for you … we are about 80 higher on the Dow30 from the overnight low … now that the manipulators have shoved it higher, the job in New York will now become “prevent and maintain” the gain at all costs … that doesn’t necessarily mean higher price, just simply that “good luck” getting the averages lower, cuz the probability of that happening isn’t good and they know it. You can only swim upstream against the current for so long until you give up and “go with the flow” or you die … what’s it gonna be Skippy?
Here at the “Chipmunk Open” [first 5 minutes of trading, where institutional Chipmunks buy/sell per mandate of their mutual fund or hedge fund], a little of everything for everybody; prices going nowhere quickly. The SP500 desperately trying to hit buy stops off above 2443 and have for the moment failed, we’ll see how the Dow30 reacts when this level gets taken out, most likely a little later in the day.
Well, that didn’t take long, now did it? First trade of the day directly below, a scalp, simply cuz I can’t buy the market like I want … which is on a half-way decent down move [you know, like the old days when this bat guano traded] … between the central bank manipulators [see link above] and the idiotic hedge funds who are gamma short the June option expiration, there is no way in hell this stuff experiences a major sell off … that ship has sailed and it’s not gonna happen.
And so, don’t be surprised if the month of June gets a February repeat of the melt up; cuz the open secret right now on the street is that there are plenty of folks who are “1 X 3” and/or “1 X 4” long the SP500 call options at 2350 – 2375 [that’s the “1” part] and short 3 or 4 times that amount in the 2450 – 2500 call options , where not only are deltas and volatility increasing in the ones they are short [not a good thing], but exactly the opposite is happening in the ones they are long, and that ain’t good either. Result: a melt up encouraged and abetted by the central banks. Cuz “fun-durr-mentals”, like failing banks, terrible soft & hard economic data that says we are in a recession, global uncertainty thank you Brits, credit card defaults the largest in about 10 years … you get the picture. So “natch”, new record-er-er highs in everything.
At some point, you would think but I’m trying to give it up, this stuff would correct … but that flies in the face of the central planners who absolutely won’t let the big cap stocks go down … no matter what. So, any news is good news, and if the market is open it’s a great time to buy. And so, at the time I’m writing this, all time highs in everything; SP500, Dow30, and of course the NDX100, where Unicorn meat is now on sale for the savvy.
Now that we’ve had the short covering blitz to new record-er-er highs in everything, we now sit and do nothing … and my point from the other day holds, which is if you get caught in one of these the wrong way, how do you make it back with nothing going on? It’s “one & done” and there isn’t anything you can do about it.
Here in the early afternoon in New York, I guess even the central planners have figured out the stock indices are just a “tad” over bought [snark], and that maybe some bid pulling is in order. NDX100 is finally discovering gravity and down over a 100+ off the high … still plenty of room for more, but the question is how far will they let it go before they step in and aggressively bid it higher. Two days in a row the Dow30 has bolted higher on buy stops, and 2 days in a row it has gotten smacked lower afterward. Hopefully, with the NDX100 correcting, the short gamma hedge funds getting all they wanted in the 1249 area of the SP500, we can get some correction action next week that can see us lay in some volume from lower levels on the proper setup.
I can assure you, I’m not buying the rallies in the indices … I am buying breaks when we get them; and no, 2 M1 candlesticks down 7 Dow30 points isn’t a “break” … if I can’t buy the Dow30 like I want, I lower the volume some and we take what we can get and come back later … if I miss a move to the upside I don’t care; my first priority is to not meet Tony Soprano’s crew [remember Sil & the boys?] and get whacked. Our success in the PAMM is predicated upon 1) staying out of trouble and avoiding losses, and 2) taking advantage of the manipulators. Since April [about 50 market trading days], when the PAMM went exclusively to the stock indices, the Dow30 outside the French election meltup, and the “Trump Dump”, has had only 7 out of approximately 50, really decent down days to lay in volume for being long; unfortunately, 5 of these came right at the beginning of April, just as I was getting “in gear”. That has left us with 2 days for any kind of half way decent selling to really take advantage of; the rest all being some kind of moves to the upside. Simply put, we haven’t’ had many opportunities the last couple of months; that I believe is about to change. With today’s NDX100 debacle, the SP500 hitting the 2450 level and getting soundly rejected [for now], and the gamma short hedge funds getting taken out back and shot, more two-way manipulative bid action should be right in front of us. That should mean good trading times for us directly ahead.
From today’s afternoon action, with everything reversing and moving sharply lower, led by NDX100 [about F-ing time], I hope many if not all of you now understand why I don’t attempt to buy breaks after 2 P.M.; whatever small gains you get from time-to-time simply are a savings account to apply for days like today, where you are gonna get buried with no chance of making it back and ending up the day getting clobbered. TODAY IS WHY I DON’T BUY BREAKS AFTER 2 P.M. … tattoo it on the inside of your eyelids for future reference. In addition to that, I stated some blog posts ago, that this is how the current short term rally would end … on exactly this kind of day … where everything is “okey dokey” until it ain’t, and then starts sliding in the afternoon picking up tremendous downside speed after 2 P.M. … well, here it is.
Now, this needs to be stated, even though it’s pretty obvious; the central banks aren’t stupid … come Monday, they most likely aren’t going to get in the way of lower prices until it’s over … and at that exact moment, everybody who is short will get to meet the “Plunge Protection Team” up close and personal, cuz they will then come in and start a “rip your face off rally” and make you wish you never sold to begin with. They want to buy on their terms, not yours … so, they aren’t going to try and stop the downward moving freight train … they know when it’s over [and to be sure JPM. Squid, and others will tell them] they will put it right back from where it came either in hours or days, so it’s of no consequence to them. For all of us, it’s a different story, cuz we care about profit, they don’t.
I have been concerned about the stock indices for well over a couple of weeks now; granted, I know the central banks are there, and I know whatever sell off that comes will, in the scheme of things, be minor and of no significance weeks or months later. But for all of their manipulations, I still have to be extremely cautious cuz I care about price & profit and they don’t. The times I have been a few minutes to a fraction of a second early in liquidating, only to watch the market scream higher, as a market pro for a very long time, doesn’t bother me in the least simply cuz I know how these markets trade, and I know “pushing the envelope” when trading most often leads to disaster … “all the times you make money are nothing more than a savings account for the inevitable large drawdown that is coming from doing “stupid shit” … and I don’t do “stupid shit”. Period.”
Here about half an hour to the close, the NDX100 panic has been stymied, no doubt due to some large bids being placed to stem the tide so to speak. The Dow30 has put in a minor rally off the low of about 20 points or so, but where’s it gonna go if you’re long? I dunno, and neither does anybody else. I’m just hoping some of this “profit taking” [in the immortal words of CNBC talking head Bob Pisani], still has some legs come Monday. From a technical standpoint, after this mini debacle today, the worst thing that can happen Monday morning is an open that immediately goes higher … if that happens, when that buying is done, selling will return like today, and it’s simply a matter of where the central banks say, “enough is enough”.
The ‘setup” for today, again, was all wrong for higher prices, and it is what drove me to be extra cautious and simply take the scalp when it was there on minimal volume; in the end, a very minimal gain, but a gain nonetheless. One last item for the day. EXIT QUESTION: “WHY AREN’T THE INDICES CLOSING ON OR VERY NEAR THE LOW TODAY”? SHORT ANSWER: “Cuz they made new lows during the Chicago Noon hour. How many times have I told you about this phenomenon”? Onward & Upward.
PAMM spreadsheet directly below.
Time for the beach! … the dog and I are outta here … until Monday.
Have a great weekend everybody!
OUR TURNKEY FOREX “PAMM/MAM” IS NOW OPEN AND OPERATIONAL; SEE “PAMM/MAM MANAGED MONEY PROGRAM” IN “DOWNLOAD LINKS” SECTION IN RIGHT HAND COLUMN FOR DETAILS [VIEW ONLINE AND/OR DOWNLOAD] AND START YOUR JOURNEY FROM WHERE YOU ARE AT TO “ESCAPE TO SUCCESS”!