“OMG!! … I’m a “racist” cuz I got a signed Bob Lee baseball card!!”
You simply can’t make this shit up … after reading the other day that a “learned” Ivy League Prof says the sun is “racist” cuz the solar eclipse path is outside any major city, therefore it hates black people, now comes ESPN, the world-wide leader in losing sports viewers, changing the announcer of a college football game cuz he’s an Asian named Bob Lee … 2 +2 = 22 for Liberal Snowflakes who might be “triggered” thinking of Robert E. Lee, the confederate general of 150 years ago, while watching Bill & Mary play U Va. in a college football game. EXIT QUESTIONS: “Were there gonna be counselors available for those who needed help when they heard his name? Did they think the suicide prevention “hotline” office was gonna get overwhelmed with calls? And finally, how pathetic is ABC/ESPN; are there bigger jackasses anywhere that can match the utter stupidity of this corporate decision? … outside of Facebook, Apple, & Google, of course”.
Well, I’m “triggered” all right … cuz I’m thinkin’, wait a sec … holy racist crap Batman, I got a signed autographed “Bob Lee” baseball card from back in the day … using the flaming idiotic logic of the Left, that means I 100% support and defend the Confederacy … I called the suicide hotline, but it was busy! … now what, there’s nobody to talk me down but the dog, and all he wants before I jump off a ledge and end it is more ice cream … OH, the horror of being “woke”!
Turning to today’s market … I tried to warn people yesterday about getting “euphoric” over a supposed Republican “tax plan”; counting on these doofus noodles in the Senate, you’d have better luck with the Illinois lottery, and that’s if they paid you off! And how about the complete bullshit yesterday, where USDJPY had more activity after the New York close to the Pacific Rim open [3 hours] than they did in the 14 hours from the European open to the New York close that saw a 30+ PIP spike up? … no, no, can’t have that during market hours, cuz the SP500 might go even higher … let’s wait ‘til nobody is around and then do it.
Which of course brings me to today … needing something to blame the stock indices decline on last night using president Trump’s rally in Phoenix … truth is in bear markets, sharp vicious rallies are the norm and then they just drift away, but of course that can’t be the narrative going forward, cuz nobody in the press or at the FED could ever possibly conceive of that option … gimme a break.
USDJPY action a complete mess … we got the straight down move out of Europe into the U.S. … no retracements and by default no sell signal … then when the manipulators open stocks at 9:30 … well, you can forget the SP500 falling any further, and therefore it’s “stall time” in USDJPY. I realize it’s August, but this is pathetic. So, it’s nothing but a slow crawl up 10 PIPS, a slow crawl down 10 PIPS, and from the 35-ish PIP range out of Europe, we’re sittin’ right in the middle of a nothing burger. And do I really need to tell anybody, that in any market that is basically “dead”, there isn’t an algorithm anywhere that can trade and make money?
Here in the late afternoon, a possible algorithm short in USDJPY, but again I have to ask the question, “Where’s it gonna go? We haven’t see any range to speak of since Europe opened, and while negative all day, the 109.000 area is proving very tough to crack … so, in USDJPY style, they go to new low by less than a PIP and it’s straight up from there … here, late in the day, I don’t want to get caught in this crap with no time left, cuz if it rallies I’m toast with no possible way of making it back in a little over an hour; so, while I risk $400 to make $100, that doesn’t seem worth it to me. And that’s why I passed on it.”
As I have said before, USDJPY is basically a terrorism event every damn day … it’s never an easy trade, and the spikes can be killer if you’re on the wrong side; but when it “glacial drifts” it’s impossible to trade, and that’s what we have now with about a half hour to the close. Looking ahead to tomorrow, 108.60 and then 108.30 important key support levels, that should they give way projects a lot lower … that would coincide with gold going over $1300, and the SP500 & Dow30 getting tanked back down to their support, with the key 2420 and 2400 levels in the SP500 that better hold or there is big trouble coming from the “sell side”.
But frankly, this has been one frustrating day … no trades today, the market simply is not moving in a satisfactory manner to justify trades … the slowest moving declines, followed equally by very slow moving rallies … and an SP500 market that offers zero guidance cuz it’s done nothing the entire day. Add to this, USDJPY putting in new lows by a couple of tenths, then rallying, then rinsing & repeating over hours until the up spikes show up and clean the shorts out. I don’t plan on being one of them. So, Jackson Hole starts tomorrow, and over the next 2 days should provide plenty of rumor driven moves into Yellen’s speech on Friday; buckle your seat belts cuz I have a feeling we’re looking at either 111+ or sub 107 here shortly, and what we are witnessing now is nothing more than passing through the eye of a hurricane and the market is dull & boring … trust me, that will change very quickly. But, until the fireworks start, I’m keeping the powder dry, cuz in my book it makes no sense risking money for very little reward. Onward & Upward!
Time for the beach … dog and I are outta here … until tomorrow.
Have a great day everybody!
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