“Welcome to trading this week … which snail moves fastest!”
Well, historically this week is … shall we say to be nice … SLOW. More like
dead, with an occasional year that is active, but for the most part, traders
everywhere looking for the 5 day weekend starting Thursday, cuz Good
Friday is closed, and all of Europe, including the U.K., is closed as well for
Easter Monday … add it all up, and throw in “Golden Week” in Japan all
next week, for Emperor festivities, and you get the idea. And as if we need
another excuse, the POLS in Britain have decided to wait until after Easter
to re-engage talking and “blah blah, yada yada” about “Brexit” can wait.
“And in this can of worms, the snails can race”!
Gold for its part, is stuck in mud … “a little song, a little dance, a little seltzer
down your pants”, as the scumbag bullion dealers move it around at will, in
trading conditions that are scandalous … no volume, no liquidity, and mostly
no customers. All we’re seeing is gold getting jerked around by the usual
suspects … there is no “trend” here, just the same old “Comex Con Game”
that’s at work. “Get specs long, bury it … get specs short, rally it … somebody
wake me when it goes somewhere, cuz it’s mid-April, and we’re right near where
we were at the start of the year … it’s stuck in mud”.
In Cable, quite frankly I’m a little surprised at the markets willingness to
price in some kind of “Brexit” deal … POLS have kicked the can to
October 31 … Halloween, which is decidedly apt and appropriate for these
assclowns … and for my money, all the hot air in the world between now and
then isn’t going to get either the hard Tories, Labour, or the DUP to budge one
centimeter towards compromise and solve this “shitshow circus” … no side is
gonna cave here, cuz they know if they do it’s curtains for them at the next
election … and a POLS first duty is to be reelected and stay in power, so
nobody is gonna compromise their base. Added to the problem is the fact that
PM MAY can’t have another “no confidence” vote in Parliament until
December … she’s there unless she decides to quit, and I don’t see that
… what it means is simple: “come Halloween, we’re in exactly the same boat as
now, with nothing on the drawing board but bullshit, and no plan … and that
means a hard Brexit, something which Cable has decidedly not been priced
adequately for the risk”. But, markets being markets, hopium can last a long
time … but when reality hits, look out below.
Cable today doing nothing … literally. Nothing here but chop and maybe
some light corporate flows, but that’s it … there is no trade here today, unless
you’re interested in losses, cuz while you think the range will be constricted,
if you get on the wrong side of this and it decides to run, you’re toast
… where’s the volatility to make the money back gonna come from? … yea,
me neither.
Some employment data tomorrow for Cable that might move it … that comes
early at 4:30 AM EST … other than that, it looks like another dull day. I’m
outta here early today … nothing to do but watch paint dry in Cable, and gold
is being gold and doing nothing but jerking specs around … until tomorrow
mi amigos … Onward & Upward!!
-vegas
No comments:
Post a Comment