“They forgot to put gold in the title!”
Well, here we are … I survived a trip to the Doc, the Mrs. couldn’t convince the
office to have me put to sleep, and I passed my urine test with flying colors
[I studied all night for it btw] … meanwhile, gold drifts some more. Today sees an
upbeat retail sales number, thus furthering the need for no rate cut from the FED
come July 31 … however, since when does data mean anything cuz the FED is
beholden to markets.
As far as I’m concerned, the real story for gold is that it’s not breaking up here
above 1400 … and given the news, it could well be lower for sure … but it ain’t
… and as we work our way to July 31 and the inevitable “most important FED
meeting evahhh!”, it looks more and more like they aren’t going to do anything.
But, does that hurt gold? … cuz quite frankly, the longer they go without cutting,
the worse the cuts will be when they happen … look at 2007 - 2008 for the
roadmap of “Everything Is F-ing Awesome, Baby!” until it wasn’t and they were
forced to slash and burn quickly. Fast forward to today, and the risks are far
greater than 12 years ago.
It’s afternoon in New York, and for the 7th day in a row, we’re stuck in the July
NFP report range day … and while we’re not really breaking, we’re not rallying
either … those pesky economic reports not confirming a FED easing is imminent,
and it’s surely making the longs nervous. Again, for the second day in a row, the
window of opportunity for long positions is horrible … outside of a few minutes,
there isn’t any upside momentum for sustained gains given the news … that
doesn’t automatically mean it’s peaches & cream for shorts, cuz it isn’t … they
got their own problems with up spikes in their faces.
From the NFP, we just keep getting smaller and smaller daily ranges, with Asia
rallying and New York selling … something is gonna give here shortly, but in the
bigger picture, it’s tough to make a case for gold getting monkey hammered with
any conviction and/or follow through … for now, it’s “chop city”, and another day
of watching paint dry if you’re looking for buy opportunities … just nothing here.
And with Europe now closed, and stealing trading passed to the scumbag New
York banks, I want nothing to do with anything they’re doing … they can rally it,
they can break it, who knows at this point? … second day in a row of bullshit
trading, but it’s better than losing money.
Until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
No comments:
Post a Comment