It would be too easy to nominate Taiwan & Ukraine as the next dominoes to fall to
Authoritarianism, cuz natch they’re gonna go “buh bye” when Vlad & Xi are ready
… no, I think Preezy Idiot Boy should surrender ‘Murica’s 20 largest shitholes [in
what used to be called “cities”] to the Taliban … I mean, they’re already 3rd world
countries by any reasonable standard, with more violent crimes & murders than
Kabul … and then the Gubermint could send more aid to the Taliban and set up
embassies in the suburbs … would it be any worse than it is now?
Last day of one of the worst trading months I can ever remember in my entire
trading career … yea, there have been slow Augusts in the past, but nothing like
this … everyday I get up thinking it can’t be any worse than yesterday, and
everyday I get up and 5 hours later it’s WORSE … yesterday’s ranges & trading
action, especially in FX, can’t even be properly put into words it was so bad … will
this shit ever get any better?
Crude oil quiet so far today, as OPEC+ meets tomorrow … nobody looking for any
earth shattering changes, as output set to increase slightly in September per prior
statements & policy, but this is a group of clowns, so who knows? … this is a
great market to trade, and all we need is halfway decent pricing from Turnkey’s
LP thieves to trade it … today looks like a “hurry up & wait” day for oil, but we’ll
see … the last 5 days really have been incredibly tight for ranges, with some
very choppy trading action, which only means this market is “coiling” like a
spring to go somewhere.
If FX got any worse, they’d have to close it, not that anybody would notice
… traders continue to migrate to crypto but “flows are flows”, so from the
institutional side it isn’t gonna go away … still, every week FX continues to
redefine “pathetic” … in the last hour, Cable hasn’t even moved 10 PIPS, and this
is considered the busiest time of the day … I don’t even know how to process
this … EURUSD go a tiny pop up, when one of the ECB Apparatchiks started
waxing eloquent on “tapering” … yes, the “T” word … but that got walked back
in short order, letting you know it was all pre planned bullshit to allow scumbag
LP banks to get out of longs … where’s our 800 number for support?
Approaching the “London Fix” in a few minutes … “oh, somebody is gonna get
“fixed” alright [new high for the day right before the “fix”, and then minutes after
the “fix” almost a new low for the day, that missed by a couple of PIPS … [oh
wait, there it is, for a nice double reversal on the day]! … and all I can say is FX
is a joke … end of month flows most likely having an impact, but this trading
action is downright pathetic … let’s be clear here, THERE ARE NO SPEC FLOWS
HERE, cuz anybody trading serious money is trading in another space, cuz it sure
as hell ain’t FX … oil, “Stock Bellies” [maybe, but I doubt it], AND MOST
DEFINITELY CRYPTO … take your pick … BTC, ETH, ADA, XRP, DOGE, and a
bunch of other alt-coins trading 1000X times better than anything in FX, and it’s
all spec flows with no scumbag LP banks … oh wait, EUR just moved 6 - 7 PIPS
over the last hour! … oh, the volatility! … meanwhile BTC has moved over $1,000,
with more than a few $200 - $400 correction phases of activity, and it trades
… thank goodess this is the last day of this fucking horrendous month! Yesterday
sees GBPJPY with a 33 PIP range, today sees about 52 PIPS … this from a market
that has a 20 Day Range MA of about 90 PIPS [and dropping fast] … can’t hardly
wait for September, and once we get the OPEC+ out of the way tomorrow,
hopefully we can trade oil.
So what we basically see out of FX these days, and it’s been like this for a good
long while, is some kind of up/down action within 30 - 60 minutes to the “London
Fix”, where scumbag banks are gonna 1) front run the order flow coming in for
the “fix”, and 2) in the process screw institutions blind … since there’s very little
spec flow any longer, that’s pretty much it for the entire day since the European
open … let the Chuckleheads do whatever they want in the Asian session, cuz it
won’t matter much, let Europe die and wait for the U.S. session and wherever
10 YR. rates go that’s gonna determine a dollar up day or a dollar down day
… maybe a few PIPS at the NYSE open, then it’s on to the “Fix”, and everything
else during this 24 hours is pure bullshit … and that’s how you end up with
ranges never thought possible 10 years ago, but now are commonplace cuz of
the blatant manipulation … yea, I can deal with LOW VIX, but I can’t deal with
NO VIX, and a completely dead trading day except for shit around the “London
Fix” is simply not worth it … as we go into September, somethings gotta give
with FX that results into higher ranges, cuz what we see now is horseshit … there
are simply better alternatives to making money rather than sitting and watching
grass grow under the manipulative eye of some dumbass bunch of central bank
Apparatchiks … they can’t control oil and they can’t control crypto, and oh isn’t
it a coincidence these are the 2 trading spaces that have the highest volatility
… “oh, see my shockingly shocked face that is shocked”!
I was ready for FX today, also oil … then I realized tomorrow is the OPEC+ clown
show meeting … well, don’t expect anything today then, and sure enough that’s
what happened … but for FX, this has become the “norm”, and it sucks!
No trades today in the Turnkey PAMM.
I’ll be watching FX for movement, and any increase in the 20 Day Range MA, but
I turn my attention tomorrow to WTI crude oil, where the trading algorithm is
exceptional … today’s range of $1.14 in crude is a “one off” cuz of tomorrow’s
meeting … the 20 Day Range MA is around $2.28, and WTI gets going right around
the European open, so there’s plenty in the day … tomorrow also sees the
Cushing inventories data [EIA] at 10:30 AM EST [New York], which I always
sidestep cuz it’s nothing more than a roulette bet, and quite often it’s a huge
sigma miss … but after that, as the market returns to normal we’ll see what
happens … but as I said before, if Turnkey’s LP gets stupid and starts quoting
ridiculous bid/offer spreads, I simply just have to wait it out and let them return
to normal.
Over in crypto, the story today is the big move up in ETHUSD, especially relative
to BTC, where as I write BTC is DOWN 1.51%, and ETH is UP 3.67% for the day
… for “The Syndicate” today, some light trading in BTC, and we’re UP
APPROXIMATELY 0.19% … in about 10 -15 days [mid September], I’ll be ramping
volumes much higher in BTC … I have some BTC funds I’m transferring into
“The Syndicate” at that time, so “GiddyUp!”.
… outta here early … “the future looks so bright, I need sunglasses”! 😎
… Onward & Upward!!
-vegas
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