DID “UNCLE WARREN” JUST BUY THE TOP IN GOLD?

“Nothing like buying the top, right?!”

Did Warren Buffett just buy the top in gold? … granted, he bought a bunch of stock

in Barrick, and not the bullion, but for a guy who’s been poo poohing gold for

decades, and calling people stupid for owning it at far lower price than it is now,

you just have to wonder if he’s the last guy aboard the “gold train” to nowhere

… time will tell of course, but IMHO everybody who wants to be long gold IS

ALREADY LONG GOLD, and over the short term it’s got no place to go but lower

… throw in record spec longs in EURUSD futures, and I’m pretty sure he doesn’t

like the company he’s keeping.

And with the utter euphoria sweeping FX these days, over these weeks to the

election in November might be rougher trading waters than a whole lot of people

expected to see … amazing how this coincidence works, where specs get long

& banks get short, and then the longs can’t figure out what went wrong.

Well, welcome to FX! … where you can’t get a down tick to save your life,

convincing you price will never go lower again … “presto, watch me pull a rabbit

out of my hat”! … and then just as quickly you can’t get an uptick to save your

life convincing you price will never, ever rally again … evahhhhhhhhh! … and so

the cycle goes killing accounts along the way with impunity … and until you

figure out order flow along with how the banks are positioned, all the news

headlines in the world won’t save you.

One algorithm signal trade today in GBPUSD … TURNKEY PAMM / MAM UP

SLIGHTLY LESS THAN 0.1%

IVIX INDEX levels today in GBPUSD better than yesterday, but not by much … we

close the European session for GBPUSD at IVIX INDEX = 54, AND for EURUSD IVIX

INDEX = 44 … most of the session saw very pathetic trade action in EUR and

it suffered as a result … Cable barely making the grade, but at lest we got one

trade out of the market before it went dead right after stocks opened … now

markets wait for the 2 PM EST release of FOMC minutes from the FED … glad to

see at least some modicum of range [about 117 PIPS so far] today, but

more importantly Cable saw some volumes & trading … something we haven’t

seen in over a week as it crawled relentlessly higher without any corrective trade

activity … today sees more two-way flow, and that’s why IVIX for the session was

modestly better … still, it needs to be higher … however, not sure we’ll get that

kind of support from Europe going into the last 10 dog days of August … we’ll

see, and I’ll trade it accordingly … cuz here’s the deal bottom line … the

algorithm is fully set and ready to go, and all we need is a Cable market that

cooperates by giving us “normal” IVIX … we get that and I’ll be one happy

camper!

Outta here… Onward & Upward!!

-vegas