“Message to gold longs from the yellow pet rock!”
Over the decades since gold has been traded, more people have lost money
trading gold than all other markets combined … not even a close call … why?
… cuz people don’t understand metals trading dynamics and they either don’t
want to listen or want to remain delusional about the “Comex Con Game” … and
so yesterday, on some upbeat sigma misses in private employment and then
ISM, along with factory orders, gold again strikes terror in the hearts of longs
looking for 1600 … and when everybody long hits the exit gates at the same time,
you think those scumbag bullion dealer banks, who are short up to their stinking
eyeballs, are gonna make an honest market going down … “sure, take another
swig of happy juice” … and so, since time immemorial, gold obliterates those
trading it, and those who don’t understand it … simple as that.
And so here we are right before another NFP report, and if this misses to the
upside with jobs, in what is traditionally a weak report for August over the years,
get ready for some real violence if 1500 and then 1490 get taken out … banks
win, specs lose … “gee, like that never happens … only like forever”!
Overnight action was puzzling to say the least … in the “dark hours” of early
trading before Japan and China open, the DOW30 just simply ramps 100 index
points … after the Asian session gets going, it’s “sleepy time” … now 12 hours
later waiting for the NFP report, the DOW30 hasn’t gone ± 50 index points
… simply pig slop for trading conditions.
Well that escalated quickly, didn’t it? … good thing nobody ever gets hurt on the
release of all this government fairy tale crap … oh wait, never mind … if it all was
released over the weekend when markets were closed, how would the scumbag
LP banks ever be able to steal money make a market for everyone? … and then
all the elites suffer cuz there’s no “freebie” money to hand out for looking the
other way … Oh, the humanity!
Sitting here waiting for the release of the NFP numbers, about 10 seconds before
the 8:30 AM EST report, gold took off up $3+ in seconds … somebody knew what
was to be released and scooped up resting offers … this is the kind of shit that
makes me furious, cuz it’s so obvious WTF was going on, and yet nobody will ever
do anything about it … rigged, rigged, and more rigged, and if you don’t
understand this, you don’t have a chance to make money from this … just another
in a long line of manipulations, overt or otherwise, that goes unnoticed by the
financial MSM cuz they don’t want to know about it or report on it.
Now it’s on to head FED Twit Spicoli, who speaks in Zurich, Switzerland … can’t
you get a chicken luncheon gig on this side of the world? … in any event, he’ll
mumble some arcane bullshit that will rile markets, no doubt, so we get to await
his words of wisdom … sadly, this is all that matters to markets anymore … who
gets info the fastest and can then manipulate price up/down to take advantage of
the rest of the players … pathetic, but it’s where we’re at these days.
For its part, the DOW30 popped slightly lower, but the reaction here nowhere near
the panic seen in gold … price has recovered and the market is only down a few
index points as I write … outside of last night’s 100 index point blitz in the “dark
hours”, the DOW30 has been very, very quiet as intraday volatility has dropped
markedly.
Gold on the other hand, going full retard panic buying again on an NFP report that
missed by 30K jobs … right, makes sense NOT … this market has simply gone off
the fucking train tracks into a full blown hot mess … it’s either panic up or panic
down, with very little in between … at the moment, my M1 screen has a $2.50 grid
in gold, with spikes from hell the norm … settling down, it isn’t.
So after a mini melt up after the NFP, gold runs out of steam right around 1528
… and then minutes later, here comes the other half of the comedy team of
“Mnuchin & Kudlow”, dropping some more inane “China trade deal” bullshit over
on CNBC, and everybody who just bought the rally from the scumbag LP bullion
dealer banks get taken to the woodshed in seconds, now seeing price lower by
more than $10 on sell stops … the lengths they go to to coordinate this shit is
unreal, but protect their hidden income source and pound gold in the process,
they surely will … somebody tell me again how POLS & Apparatchiks don’t drive
anything and everything in markets anymore, when the evidence is right in front
of your face.
Now with Spicoli due up within 2 hours, what kind of H-bomb is he gonna drop?
… meanwhile, the DOW30 is dead in the water … welcome to an NFP Friday!
Into the afternoon in New York, and since post NFP report, it’s been a clusterfark
in gold, as we’ve had panic up on the downside miss, and then panic down on
Kudlow … $26 bucks up, $10 down, and then nothing but chop … and with the
day’s range exceeded after the top, there’s nowhere to go with any algorithm buy
signals if you get one … meanwhile the DOW30 is literally dead, as it doesn’t
even have a 150 index point range … today’s range if it holds is less than a third
of its 20 Day Range MA … what that means is VIX is dead, indicators collapse
onto themselves, and all it takes to get any signal, buy or sell is a move of a
couple of index points, which in the DOW30 is a random process … you simply
have to leave it alone and come back when the market is moving again … if you
attempt to trade it, you might as well just flip a coin and call heads is up and tails
is down, and go from there.
From a longer perspective, yesterday’s big drop in gold, took out 8 trading days
of action from the top … it’s left the daily charts “messy” to say the least
… maybe it’s a short term top and can be repaired in the days to come, or maybe
it’s the top for a while and we got some considerable time & price weakness ahead
of us … given the Twits at the FED, their track record for NEVER EVER being right
in 106 years of killing the middle class, I don’t see them easing to the markets
liking, and like 2008 they’ll be the last to know when SHTF, and then panic by
slashing rates, all the while saying they had no idea.
Right now, gold is overextended to the upside … it needs sideways to down
movement over days and weeks … it needs to cull long positions from the spec
community, and more importantly it needs to do it with spec sell stops … this is
how the banks cover their short positions … the same people who buy it from
them on rallies, need to be the same people who sell it back to them cheaper on
their sell stops … this, for you new readers, is what Eric Sprott of Sprott Metals
has dubbed the “Comex Con Game”, and it’s how the gold game is played and
has been for perpetuity … otherwise, if this stuff continues to defy gravity, the end
is gonna make yesterday look like a boy scout picnic … red flags have been sent
up the flagpole … will anybody buying rallies listen?
Well, there isn’t anything I can do from a trading perspective, when I have 3
markets, and one [Cable] isn’t ready for “prime time” cuz its VIX is too low,
another [DOW30] has a day [an NFP day no less] that make oat spreads look
active and is dead in the water, and the other [gold] is on meth … bat shit crazy
up, then turn and bat shit crazy down … then the meth runs out and the patient
collapses into a coma along with the other two.
I hate NFP Friday’s to begin with, without a doubt my least favorite day of the
month and always has been … there’s no way in hell I’m carrying anything through
an NFP report … I’m a trader not a gambler … hell, at least in Las Vegas they’ll
give you free drinks and a buffet … the bad thing about big, fast runs, is that when
they’re over there usually is no second leg, especially on the upside, so if you get
an algorithm buy signal you best judge it within the bounds of the 20 Day Range
MA … and without multiple [meaning two or more] attempts on the low, where are
you? … I’ll tell you where you’re at … you’re in the scumbag bank cross hairs,
that’s where … you aren’t the hunter, you’re the hunted.
And now Spicoli speaks … one of those “oh shit” moments if you’re long gold
cuz he’s talkin’ up the U.S. economy, and “Everything Is F-ing Awesome, Baby!!”,
when the whole world knows it ain’t … fucking moron, where do they get these
losers? … a basket of retarded kittens could do a better job than these Twits … in
any event, gold is getting clubbed, and the DOW30 isn’t buying what this dipshit
is selling either … get gold back under 1510 [and it’s close], and who knows where
it ends up in the NY PM with criminal banks in charge, now that Europe is closed
and additional sell stops in play, anything can happen in a microsecond … what a
clusterfark, thank you POLS & Apparatchiks.
So, no algo buy signals today … sorry, they just weren’t there under the rules
and conditions of the algorithms … onto next week mi amigos … blog update on
Sunday … until then mi amigos … Onward & Upward!!
Have a great weekend everybody!
-vegas
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