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Friday, April 6, 2018

TAX EVERYTHING … MARKETS WILL LOVE IT!

 “Then stop thinking Skippy!”

From the overnight news of $100 billion in additional tariffs slapped on 
China, the DOW30 goes 500 lower in seconds … apparently though, Asia & 
Europe love the idea, cuz it then spends the next 7 hours going 300 up 
“well, that escalated quickly to the downside, didn’t it”? … and, in roughly 
30 minutes half of that is gone … poof! … “maybe if they up the tariffs, the 
market would rally more”?

Natch, as the news broke over the wires of President Trump’s latest move, the 
scumbag LP banks shut the machines off … they didn’t turn them back on 
until about 7:30 P.M. EST last night after the dust settled … “here’s prima facie 
evidence of their complete hypocrisy as “liquidity providers” [an oxymoron if 
there ever was one], cuz they don’t want you to “pick them off” in a market that is 
moving fast”. In addition to that, now that the damage is done, they’ve got the 
perfect excuse to widen spreads that would make Vito Corleone blush with 
envy … complete scumbags top to bottom, but we already know that.

It’s NFP Friday, as if anybody cares cuz of the China kerfuffle, and the only 
thing that matters in this fairy tale report is wage growth … market looking 
for up 0.3%. Any big surprises here, coupled with China, and the fact it’s a 
Friday filled with the usual bullshit of position squaring, and we’re likely in for 
one hell of a ride today.

Overnight, it’s obvious the “Plunge Protection Team” [PPT] was hard at work, 
and the $64,000 question today is, “at what level do they show up again, if the 
indices start to “Thelma & Louise? … and, how determined will they be to punish 
shorts; a little or a lot? … and oh, when does Larry Kudlow, the PPT poster boy, 
hit the airwaves with the entirely predictable “all is fine” bullshit, cuz about 10 
seconds after he’s done the PPT most likely goes into action”.

As if the day needed anything else, at 1:30 P.M. EST, Chairman Spicoli speaks, 
and this might be the “icing on the volatility cake” if he puts his foot in his 
mouth like he’s done since taking over from Grandma Yoda Yellen. The guy 
still hasn’t learned how to speak for an hour and say absolutely nothing. We’ll 
see what happens from this clusterfark.

Turning to today’s trade … absolute 100%, total nightmare trading conditions 
… add up the slippage from the scumbag LP’s, nightmare spreads at times, 
and market movement, and in my entire career, I can honestly say this is the 
worst I’ve ever seen any market, pit or electronic, when it comes to intraday 
volatility ... it’s horrendous, and simply off the charts into “no mans land”.

A shipload of trades today … PAMM down about $320 before commissions, so 
off about 0.6%. 

Quite frankly, I’ve never seen anything like this … even the crash of ‘87 had 
better trading conditions … and while I don’t like losing, this stuff moves so 
damn fast, losing only a few hundred bucks tastes, smells, and feels like victory 
… hell, we lost at least $600 on slippage, when two 10 lot trades got clipped for 
15 points on both sides f-ing twice… and I’m not even counting all the others 
… some of it the scumbag LP’s fault, some simply the market moved 30 points 
in a millisecond … whaddaya gonna do?

Here, late in the day, it’s time to leave this shit alone … swallow my trader 
pride at having a losing day, and not doing “stupid shit”, where a few hundred 
turns into over a thousand on some bullshit last 45 minutes of trading action, 
that leaves me no room with the clock ticking down … I don’t like it, but it 
comes with the territory sometimes, and can easily be made back … paper cuts 
I can handle, but what do I do if my arms and legs get cut off? So, it’s simply on 
to next week.

How “nuts” is this stuff? … how about a 100+ point DOW30 rally in 2 minutes, 
during the last 10 minutes of trading … welcome to my day. Like I said, never 
seen anything like this … ever.

I’ll have the PAMM spreadsheet updated later tonight, and post it here as an 
update, cuz I got too many trades and it’s gonna take some time. And while I 
like volatility, this shit needs to slow down or there isn’t gonna be anybody to 
play with … can next week be any crazier with earnings season starting? In 
any event, simply a paper cut, and I’ll be back at it Sunday night … I’m outta 
here … until Monday mi amigos … Onward & Upward!!

UPDATE 6:30 P.M. EST: PAMM spreadsheet directly below.

 

Have a great weekend everybody!

-vegas

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