TRADING DEFINED

 

“Row your boat … what’s the worst that can happen!?”

I’m still under the weather, so to speak, … “man flu is deadly ladies … I 

thought I was gonna die”! … so, today’s post is gonna be somewhat short 

… trading most markets has devolved into a “binary event”, i.e., it moves, it’s 

over, wipe the tears away, WTF happened?

Gold today simply pitiful in its trading action … overnight saw nada in the 

Asian session, and then very light, persistent European selling up to the New 

York session … 5 hours straight down in the early European session, but that 

5 hours saw price go down about $4 … some light stops underneath 1199, 

which came on mystery ticks, but the problem for gold now is can it 

stabilize? … forget can it rocket up … it first has to stabilize, then it can take 

out stops on the upside afterwards.

I was up early, and the market saw very little action, so I retired again … got 

up later, and again New York turns into a pitiful exhibition of gold trading, 

and once again gold can’t hold even the most minor of rallies … it doesn’t 

rally enough after 7 days of selling to warrant a short position, and it can’t 

hold a rally for a long position without large risk exposure. And for like the 

umpteenth time lately, gold can’t hit or surpass its 20 Day New York Range 

MA … outside of a couple of bigger down days, the MA would be worse 

… Asia no help as well, as it looks like both the “Chuckleheads” & Mrs. 

Wantanabe & Gal Pals are on strike … very tiny ranges, not worth trading.

No trades today, either PAMM or C2 options advisory … hopefully tomorrow 

sees better action, and I’m interested in seeing if the market can hold this new 

1196 level put in via sell stops … meanwhile, crude oil continues to get  

“monkey hammered”, down “bigly & yuge” to the $55 handle on the WTI 

… 12th day in a row down, an all time record for crude … from the 70’s to the 

50’s in 12 days … “go ahead, Twits at the FED, raise short term rates some more 

… everything is F-ing awesome in your faculty lounge … don’t worry about the 

global depression on the horizon, or anything like that”.

I’d sell a decent “dead cat bounce” rally, but $3 - $4 ain’t it … it looks and 

feels like there is more to go on the downside, and only a move above 

1215 - 1220 will change the negative tone … until then, look for rallies to be 

sold.

I’m back to bed … this stuff has simply killed my stamina … onto tomorrow 

… until then mi amigos … Onward & Upward!!

Have a great day everybody!!

-vegas

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