Utterly laughable & pathetic at the same time … only the most “kool-aid
drinking”, in the tank SJW living in Mom’s basement, with no functioning brain
cells would believe for a second anything said yesterday about the biggest
“threat to democracy” ever seen … never mind the fact that of the over 700+
people arrested by Biden’s Gestapo arm [a/k/a the FBI (Federal Bureau of
Incompetents)] in the J6 protest about a stolen election, NOT A SINGLE PERSON
HAS BEEN CHARGED WITH 1) INSURRECTION, 2) TREASON, OR 3) SEDITION
…not a single one! … oh, what an inconvenient FACT that is … wonder why
nobody mentioned that yesterday?
Isn’t it amazing, that the FBI can’t seem to find the time to even look at Hunter
Biden’s computer files, or his payoffs from Ukraine, while Daddy was VP and
extorting millions, openly bragging about it at times via press conferences?
… corrupt hacks top to bottom … quite frankly, I wouldn’t trust the FBI, or any
other alphabet soup FUBAR government agency WITH ANYTHING … BETTER
TRUTH EXISTS IN RUSSIA! .. they are all corrupt to the core, completely
politicized with activists pursuing an agenda detrimental to ordinary common
people in the U.S. … they exist to serve & protect the ruling Elites, who are held
to no laws or rules of behavior … sure looks, sounds, and smells like the
Gestapo or SS to me … if Goebbels were alive today, he’d be smiling and taking
notes at a group of POLS who have no agenda, have turned to shit everything
they’ve touched, and now are attempting to turn a “make believe event” into
some kind of idol shrine for Libtards to worship at … it’s like Goebbels famous
“total war” speech … but when you realize how much they have utterly failed
the American public on every issue, it’s the only thing they have left … “that
which you demonize, you are guilty of” … an utterly disgraceful performance,
meant to keep the activist base “mad, angry, and grieving” about
something / anything lest they open their eyes and see that their entire life isn’t
worth a bottle of warm pee, and all they’ve done is ENRICH THE ELITES at the
“useful idiots” expense … “hey “useful Libtard Idiots”: we’ve always been at
war with East Asia”!
And speaking of propaganda, here comes today’s NFP idiocy right on schedule
for financial markets [cough, bullshit, cough] … formulated by math whiz kids
who couldn’t find a job in the private sector, anybody who has taken the time to
see how the jobs numbers are calculated would shat in their “big girl panties” if
they knew that most of it is simply made up out of thin air … not kidding, it’s a
frickin’ joke! … but never mind, cuz it serves the purposes intended for the
scumbag banks who will mug, rob, and rape investors / traders in the minutes
following the release … hey, somebody has to pay the “skim” for POLS,
Apparatchiks, & regulators!
Before we get to the NFP today, and where the day begins, cuz as of right now
nothing is doing anything but chopping around in tight, flip of the coin
movements, I wanted to mention a few words about crude oil … I’m somewhat
concerned about oil’s kinda parabolic advance of the last 12 trading days, where
the only breaks we get are either vicious straight shots down followed by “V”
bottoms that then skyrocket, OR breaks in the late afternoon of the New York
session where there isn’t any time left to do anything of substance
… specifically, I wanted to mention that in the U.S., there are FCM’s [futures
brokerage houses] that offer “intraday margin” for people that day trade, with
margin reductions of over 50%+, the only caveat being you have to be out of
your long / short position by a certain time of the day as we head towards the
close, or your position is automatically liquidated by the house’s computer
system … “well, you think big money doesn’t know this? … in a trending oil
market like we’ve seen, longs come in early, and depending on the house, have
to be liquidated usually between 2 PM EST - 3 PM EST … and lately that means
there’s gonna be a whole army of over leveraged specs forced out of the market
as we approach those times … what a great idea if you’re a hedge fund or
commercial, to squeeze price to make the specs puke, and then “buy the puke”
… same thing applies to big down days or trends as well … pressure shows
up at just the right times, and it’s simply the opposite, which is “sell the rip”
… so, it’s another reason I don’t care for New York afternoons when it comes
to oil, cuz often times it leads to massive reversals or corrections that don’t
come back … and at 2 PM EST, who wants to be behind the proverbial 8-ball
to the close with losses?
And what concerns me about oil right now is the abandonment of caution by
oil bulls, that sees oil up over $13 in 12 trading days, without any real corrective
activity seen in a healthy market, meaning give & take of both up / down with an
up bias … we don’t see that at all … and like gold, when this semi parabolic rise
is over, it’s gonna get taken away with a frightening speed to the downside that
is gonna leave a burn mark! … I’m not talkin’ about some kind of oil crash to
make the market healthy again, simply some moves to the downside that shake
longs out … but in this present environment, even with a good to decent
bid / offer spread, when shit turns it tends to “splatter” and does so violently
… quite frankly, I don’t want or need to get “splattered” … a day or two or three
of downside action would be healthy and is needed … whether we get it before
some kind of “Thelma & Louise” reckoning is another story, cuz what good does
it do to make money on 10 - 15 trades in a row, and then get caught in a
liquidation blitzkrieg that takes it all away plus some? … and the oil market right
now is standing to close to the edge of the abyss for my tastes … correct some
for cryin’ out loud, or the “Reaper” is gonna come and do it for you!
Well, that escalated quickly didn’t it? … can you say “policy error”? … cuz that’s
what is unfolding with the Lounge Lizards at the FED, tightening into an
economic slowdown, with “hot” wage growth … [Jim Cramer, CNBC hack:
“BEST economy evahhhhhh!’ … check with “Taliban Joe” Cramer, you’re gonna
have new talking points!] … and rates so far post NFP going higher … and
everything but oil is sliding down the rat hole … it’s early yet, so we’ll see if this
sticks, or whether the “Plunge Protection Team” [PPT] shows up and stick saves
the “Spoos” … in any event, this NFP report doesn’t even consider the full
impact of the Omicron hoax! … “our Elites, fucking up worse than retarded
kittens on meth, and expecting us to believe they got it all under control, cuz
after all, they’re the smartest people in the room … just ask them and
they’ll tell you”!
Well, seems like oil is finally starting to get the message … a new low for the
day post NFP … slower stagflation growth in the U.S., and a downright
depression in China, should lessen oil demand … granted, there’s some supply
constraints going on, especially in places like Libya, but up over $13 in 12 days
BEGS for some corrective activity … let’s see if we get it.
Welcome to the “Taliban Joe” economic shitfest … surging crime, open borders,
over 4 million people have quit their jobs over mandate stupidity, and of course
surging inflation … the PPT is gonna have their work cut out for themselves
stemming this tidal wave of “Stonks” liquidations, if things get much worse in
the NDX100 & the “Spoos” … somebody tell me how 10 YR. Treasury rates at
1.79%, with 10%+ inflation works out? … and like I’ve been saying for ages, it’s
gonna get worse, simply cuz every single thing “Taliban Joe” touches turns to
shit immediately! … and rates just keep climbing today CUZ OF “HOT” WAGE
GROWTH, the one thing repeated over and over again by FED Lounge Lizards
as their key to raising rates and cooling inflation! … only problem is, is that the
economy ain’t growing like all of the “experts” keep saying, and inflation is
ROARING … welcome to stagflation! … only the PPT would think that this is
good for “Stonks”, and the news for tech “Stonks” is even worse, now that the
NDX100 is within a few dozen points of breaking weekly support on the charts,
something not seen in many a blue moon … and that will surely exacerbate the
sell stops if breached … NOW what Lounge Lizards? … there hasn’t even been
a hint of buying in the bond market today, despite repeated PPT attempts to lift
the “Stock Bellies” … and when they’re done throwing money away, the selling
resumes in earnest … and gold? … it can’t frickin’ move, caught between the
positive of high inflation and the negative of rising interest rates, so it does
NADA … and oil? … while correcting some, it hasn’t done enough for my tastes
and is still highly vulnerable to quick, nasty price plunges we’ve seen a couple
of times today, but not anything super serious … quite frankly, oil still looks
vulnerable and has nowhere to go higher today unless “Stock Bellies” turn
around and rates suddenly go lower … right now as I write, I wouldn’t bet on
that … what an ugly day if you want to be long anything!
We are now into the New York afternoon … I’ve been watching crude oil all day
for some kind of drop anywhere close to its 20 Day Range MA … there have been
a couple of times we’ve seen the nasty vicious drop within a minute or two I’ve
written about, but there has been ZERO follow through … as I write, just a minute
or two ago crude hit a new low for the day as I’m sure commercials & hedge
funds probe sell stops for buying opportunities … add to this, we’re reaching
that time of day where intraday futures traders receiving reduced margins have
to liquidate, and quite frankly I dunno if that’s gonna see buying or selling … at
present with the new low, we’ve only got a $1.69 range for the day, and with the
low comes rapid buying back up 20 - 30 cents … the current 20 Day Range MA
for crude is $2.30, and so we’re a good 25% below that … problem is, given the
parabolic rise seen lately, who’s gonna step up and buy this shit going into the
weekend? … quite frankly, I don’t see it, nor do I expect to see any big sell stop
selloff this late in the day, but again this is oil and anything can happen … Here
at 1 PM EST, I’m pulling the plug on crude for the day, simply cuz it’s been a shit
day range wise, and there hasn’t been any real buying interest post NFP … and
why would there be?
I think going forward, crude is still the best bet for the PAMM if Turnkey can keep
the spreads in line … today sees a 2 - 3 cent spread, so it was excellent to OK,
but post NFP trading action from the buy side was dramatically curbed, most
likely cuz of higher interest rates, and the NFP numbers screaming stagflation
… and what better day to not do shit, then on one of the worst trading days of
the year from a historical perspective … as longtime readers know, I literally hate
trading on NFP Friday’s, and throughout my career this day has / is/ and most
likely always will be a pebble in the shoe … what a pain in the ass … so, crude
picked a good day to not do shit … onto Monday.
And gold & “Spoos” … gold a disaster as I noted earlier … “Spoos” seeing at
least 3 PPT buying sprees that screwed shorts, and now into the New York
afternoon who knows what bullshit the PPT has planned … problem is, once the
PPT is done, prices immediately go down, so if you get caught you’re toast
… quite frankly, none of what was reported today is good for either “Stonks”
or “Stock Bellies” … thanks FED.
No trades today in anything, either for the PAMM in oil, or anything in crypto
for “The Syndicate” … crypto right now is a train wreck, and looking at the M1
charts, some of the worst M1 spikes from Hell you’ll ever see, both up and down
… earlier today, near the European open, BTC had a $1,000 M1 spike up … and
from there it’s straight down to new lows … WTF is that? … chalk it up to higher
interest rates and economies slowing down into stagflation … the trading action
has been simply awful … and so, I sit and remain patient in crypto … for gold &
“Spoos”, I think it’s gonna be a very rough winter getting price to rally, and for
the most part VIX in each are set to move LOWER, not higher … yes, there will be
moments, but it’s gonna be tough, and most likely only on days when rates on
the 10 YR go somewhat lower [price rallies] … for oil, that’s not much of a
concern at the moment, which is why I favor it for trading … just so happens it
“stunk the joint up” today, so it’s on to Monday.
Overall, I’m happy that the spread in oil is back down and the HFT LP or LP’s
got to discover religion and notice what happens when you try and screw
people … of course, money is the only thing they understand, so we’ll see how
long this lasts … not at all happy with gold or “Spoos”, both the subject of
severe price & VIX manipulation, thank you very much government and all you
do … it’s a B. I. Itch capturing the manipulations, simply cuz they go straight
with ZERO corrective activity … but no worries, everything will be here come
Monday, and oil need a rest anyway, so what better day to do it, then the worst
trading day of the month? … onto next week … blog update on Sunday.
… outta here … “The future’s so bright I need sunglasses”!! 😎
… Onward & Upward!
-vegas
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