“Or, you could just watch gold trade on the M1!”
Another wretched Friday of nothingness upon us … tomorrow’s
“bigly & yuge” meeting at the G20 of Trump & Xi, where markets are in
prayer mode for a trade deal … any deal … so that global stocks can rally and
the Ponzi scheme known as “buy stocks cuz they always go higher” can continue
unabated. Gold for its part, totally “dead in the water”, as bullion dealers play
“rope-a-dope” with any and all participants. And of course, after this
weekend’s “big news” fizzles out, we always got OPEC next week to wait for,
and fret about, as the “talking heads” move us on to the next important news
event that will move markets. “Cuz as we all should know by now, no market
[except crude oil] moves without central planner permission and central bank
manipulation … on their own, no market moves an inch, cuz players are frozen,
afraid of what happens if they get on the wrong side of central planner HQ
… and if there ever was a day for nothing more than bullshit chop, this one is it
… my advice for insomniacs is to simply watch the gold M1 today, and you’ll be
asleep in no time … guaranteed”!
Round up the usual gaggle of suspects today in bullion dealer community, and
that popping sound you hear are the champagne corks going off, at the
prospect of a quiet day filled with mystery ticks, stop hunts, and general
"scumbaggery” that will fill their coffers to the brim … “oh, Christmas has
indeed come early for the crooks at the dealer trading desks … the only question
is, how much can they steal in one day”?
Overnight, Asia had a $2 and change range, which is all you really need to
know to stay in bed and sleep in, but the real story here is the complete
disappearance of the “Chuckleheads”, along with Mrs. Wantanabe & Gal
Pals, from the trading scene. Have they 1) gone tapioca, 2) read my advice
from previous blog posts, 3) found a new casino game to play and waste money,
or 4) finally figured out they’re the chumps at the gold poker table? A combo
of #3 & #4 the most likely answer, but who really knows for sure?
So, while other markets VIX cools off, gold has gone freezer mode … and
while all market go through this type of environment at some point, the
question still remains, “is gold a dead or dying market”? … “cuz I got to tell
you, the vital signs, unless they start improving here real soon, don’t paint a
pretty picture going forward … just as they had killed silver as a trading market,
where it’s laughable compared to its former self, gold is in the Elites cross hairs
and marked for death as well … it remains to be seen if they can pull it off, but
the bullion dealers are in the back pocket of the central bank cartel, and given
their role over the market to mug, rape, plunder, & steal as much as they can get
away with from customer accounts, don’t look for them to stop the death march”.
In the end, if successful, they’ll point to the fact that customers abandoned the
market and it isn’t their fault … just like in silver. It’s all bullshit of course,
cuz we all know who is to blame and what the truth is, but the fact remains the
silver market is dead & it’s “mission accomplished”, so say whatever you want
… they got their way, and I’m tellin’ you gold trading is next.
Here at the start of the New York trading day, it’s paint on a concrete wall
waiting to dry … this is worse than pathetic, this is criminal conspiracy … “oh
wait, how silly of me … this is government [think FED] & central planning
bullshit for policy purposes, so it’s OK … just another nail in the coffin for free
markets”.
By contrast compare gold to crude oil … here’s a market governments can’t
control, cuz it’s 1) worldwide, 2) too many big & powerful players of all
shapes, sizes, and temperament, and 3) it trades deliverable oil … meaning of
course, not cash settled, which if you get stupid means you got egg all over
your face if you tried to manipulate it. And since it’s beyond the scope of the
central planners, it’s where the “hot money” crowd is perched, and why it
trades millions of futures contracts per day compared to gold’s paltry one to
two hundred thousand contracts per day and getting smaller by the day. A
vibrant market compared to one that’s dying … the numbers don’t lie, no
matter how much you’d like to spin them.
And right on cue, as if from central casting, at 16:33 server time, here comes
the sell stop from hell, that gets filled $3 lower and is immediately, within
milliseconds, $2 higher after bending somebody over the barnyard fence and
planting a gigantic flagpole … I mean, seriously, how much more proof do
you need to understand the why/how of their manipulative price efforts to set
off orders, where only they know where there at? … simply put, the
“Comex Con Game” continues for yet another day.
Looks to me as though weekend position squaring & weakness in crude oil are
the major drivers today in gold … still only a pathetic $8 range, and the
bullion dealers are in complete control of the market today, essentially
squeezing all the long positions from Wednesday’s Spicoli surprise of a dovish
rate outlook, looking for price to vault over 1230 … those sell stops are being
actively hunted as I write. Still too early to tell, with a range that still screams
trouble for either longs or shorts. Being long invites the spikes lower like what
happened at 16:33, where whatever stop you got in there gets raped … being
short sees risk on a slow creep higher if crude recovers and gold shorts get
nervous … all inside a tight range where a few cents per Oz. can make the
difference in orders panicking or waiting it out … this is one of the very big
problems you face when trading tight range markets, where the “Flying Wedge
of Death” [FWD] shows up and kills you on both sides multiple times. “As I
stated yesterday, this isn’t an issue when gold sees more “normal” ranges of over
$10, cuz it’s very hard to get the market to swing larger dollar amounts to the
other side without major news … on weak tight ranges, though, it’s a cake walk
for dealers to shove it a buck or two and make people sweat bullets, and then stop
them out on some kind of panic”.
Just before NOON New York time, and sure enough, inside this tight range day
we’re getting all the things I wrote about above … meanwhile, there ain’t shit
happening on a larger scale to justify a position … nothing is really happening
accept accounts getting the “Comex Con Game” from dealers, with the range
not high enough to escape the inevitable FWD dealers pull on the trade to get
them to sell lows and buy highs cuz they’re convinced the range has to expand
some … but then doesn’t, and they panic the other way and get caught in the
spikes against their position … as a professional trader for decades, I can tell
you there is no worse feeling in the world than to be played by these scumbags
and forced to do shit you don’t want to do … it’s maddening, and worse still
it’s all prearranged knowing that collective human behavior will see itself
manifest in the market, and the dealers get exactly what they want … which is
to say, the public pukes right on schedule. “One look at today’s M1 gold chart
will prove my point, cuz the whole point of the exercise is to get you to buy high
and sell low, which many have done today and the market is going nowhere … it’s
nothing but a collection of blow out the longs, then the shorts, longs again, shorts
again … see where this is going? … and in the process you get yo-yoed into
oblivion looking for some kind of breakout of the range to bail you out … and it
doesn’t come … this is why folks, range is so “Hoover Dam” important to trading
success … it isn’t simply intraday volatility, but also a function of dealer behavior
towards spec orders and positions … for them, it’s a whole helluva lot easier to
manipulate shit for a couple of bucks than it is $5 - $7, and why during these
tight range conditions when nothing is happening, the most probable outcome of
trading is losses … and that’s why the algorithm doesn’t give a buy signal”!
No trades in the PAMM or the C2 options advisory signals service today.
Just another, in a string of shit low volume nothing range days, where pretty
much every move is dealer led stop hunts … if you traded today, having fun
yet? … and so, while I don’t like sitting here watching paint dry, I don’t like
losing money either, and I refuse to play the bullion dealers game inside the
FWD, where they have a distinct advantage cuz they know where the stops are
located, and I don’t … I might have a good educated guess, but they know for
certain. The only thing to do that makes sense is to wait it out, and hopefully
after this weekend and the FED meeting in mid December at the latest, ranges
and intraday volatility improves so I can trade the PAMM effectively … so, be
patient folks, unless gold dies, things have to improve!
I’m outta here … Sunday blog update over the weekend, so be back with you
Sunday night … until then mi amigos … Onward & Upward!!
PAMM Spreadsheet will be back up very soon.
Have a great weekend everybody!!
-vegas
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