“Safe Haven? … wait, wat?!”
And just when you think the world can’t possibly get any more FUBAR than it
already is, here comes Cable today attempting to set a consecutive up day record
in the modern era … any close above 1.3090 and it’s 11 days in a row to the upside
… so, what gives here?
It’s a “dollar story” more than a Pound story … fact is, Britain is just above
Rawanda for third world status, with a stumbling economy, a clueless central
bank, and a political class that provides more comedy than the Keystone Cops
… but clearly, somebody or group of somebody’s is in panic buy mode, cuz for
the last 25 trading days, only 2 have been really down by any amount of PIPS
over a handful … the fact that for years Cable has been hated and sold with
abandon also enters the mix … and today so far sees nothing changing in that
regard, as literally every tiny break is bought with panic sending price higher in
seconds, sometimes dramatically so … rinse, repeat, and there’s your last 25
days in a nutshell … simply unreal to see this from such a broken country on so
many levels … so yea, it can join the YEN as a “safe haven” currency, cuz I guess
the criteria for entry into this club is to be as FUBAR as possible.
Around Noon EST, and everything breaks lower …. “Stock Bellies”, gold, and
even EURUSD & JPY [USDJPY higher] … and Cable tries to join the move, but
it’s a very slow stair step lower and the low from overnight holds … now of
course, the panic rally as we’re back above 1.31000 … I have no idea, now that
we’re into the PM of a Friday afternoon and Europe is closed, if 1.3090 can hold
and give Cable a record consecutive streak of higher closes … more than likely
it will set the record, but who knows with 4+ hours to the close for the week.
The only other time in the modern era I can remember Cable doing something
like this was back in 2003 when it went from the mid 1.50’s to the mid 1.80’s in
about 12 - 15 weeks … and most of it was straight up on a daily basis … back
then, every bank in town was predicting the BOE to hike rates, which of course
they never did … analysts having predicted over 40 interest rate hikes on a
quarterly basis and gotten exactly 0 … that’s right, 0! … quite frankly, 20+ years
is a long time, but who’s to say Cable can’t go higher 15, 20, or even 50 days in a
row? … but I do know one thing for sure … the banks keep this shit up, and the
end isn’t gonna end well, just like in gold when it breaks HARD and all hell breaks
loose to the downside in a “circus shitshow” of stop loss selling, widened
spreads, and slippage from hell on fills … Cable is headed there … this move
lower today that almost saw a new low for the day, it’s too bad a group of banks
prevented this … market would be much healthier if it had happened, and instead
the sell stops below the market keep building into next week.
No trades today in the TURNKEY PAMM / MAM.
Both the Asian & European sessions completely D.E.A.D. … it wasn’t until the
NYSE opened that any activity at all started to occur … seriously, what do you do
with this shit when nothing moves? … you leave it the hell alone, that’s what you
do … both Euro & Yen trading normally, with the Yen picking up some badly
needed VIX, and the Euro picking up ranges as well … at least they have a
modicum of normal behavior … then there’s Cable, where panic is the name of
the game for the last few weeks, blowing through algorithm signals like a Stihl
chainsaw through a stick of soft butter … and the panic shows no signs of letting
up … the disturbing thing, though, is that there are plenty, and I mean dozens
upon dozens of M1’s that are over 10+ PIPS in range, and yet the daily range is
dog shit, not even 100 PIPS … as I’ve said before, it’s ALL ABOUT ORDER FLOW
AND ALLOWING THE SCUMBAG LP BANKS TO SHOVE THE MARKET FOR YOU
IN YOUR PROFIT DIRECTION VIA “BUY FUEL” … not a “Hoover Dam” thing else
matters in the least.
Yesterday’s “down time” due to mother nature down here in the Caribbean,
allowed me to make some very minor algorithm changes, that I believe enhance
performance even more than before … next week sees me increase Cable
volumes, and hopefully the market cooperates with some decent IVIX and
trading action.
Outta here as Europe is closed, and it’s past 1:30 PM EST, and all that’s left is
getting screwed by the likes of JPM & Vampire Squid if you trade … thanks, no
thanks … blog update on Sunday … until then … Onward & Upward!!
-vegas
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