Maybe the vaunted FBI [a/k/a the Federal Bureau of Incompetents] could
investigate … oh wait, never mind, they’re too busy investigating parents of
school children as “domestic terrorists”, and I hear they’re still looking for
Cankles lost emails … this is what political Hacks do in corrupt Banana
Republics, use the levers of government to protect the privileged, while at the
same time using those exact same levers of government to punish ordinary
people with the “process” … corruption not a “bug”, but a feature of worthiness
to run a criminal empire … all made famous in the modern era by Slick Willie
Clinton and the Clinton Crime Family … now a regular resume enhancement of
Libtard POLS everywhere, cuz how you gonna pay off everybody who matters to
look the other way? … the only difference between the U.S. and Venezuela, is
the U.S. can still borrow money on the credit card that will never be paid off.
Welcome to Friday trading … and lo & behold, the “Spoos” don’t have a 100+
index point range as the sun comes up in New York … did the CNTRL-P machine
temporarily run out of ink? … and here we are, as nothing is literally moving
anywhere … as far as Yen & EUR are concerned, I’ve seen more action in a
morgue … ranges incredibly small, but it’s still early yet.
The ranges in the Asian & early to mid European session aren’t as important as
they used to be, and that change comes with the hawkishness of the FED
… come sun up in New York, around 6 AM EST give or take a few minutes, that’s
when the action starts as rates in the U.S. begin to trade, and for USDJPY
particularly, rates are the key component to where the Yen goes … yea, to some
extent the “risk on / risk off” [RORO] bullshit we’ve become accustomed to still
matters, especially if the “Stock Belies” get monkey hammered … other than
that, though, it’s the rate differentials between Japan and the U.S. … and since
rates in Japan are for all practical purposes COMATOSE, thanks to “Peter Pan”
Kuroda & crew at the BOJ manipulating the shit out of anything & everything on
the yield curve, it boils down to what U.S. rates do … rates go up, USDJPY goes
up, rates go down, USDJPY goes lower … and we now find ourselves in a
“tightening cycle” for the first time since before the 2008 financial crisis
… whether the FED has the cajones at crunch time to raise rates is another story,
but for now the “dot plots” for rate hikes in 2022 are for increases at every
meeting going forward … and what that means for USDJPY should be clear
… unless “Stock Bellies” go tapioca and SHTF for a major drop, USDJPY
should be well supported on any breaks … this is the “lay of the land”
at the moment.
Current 20 Day Range MA in USDJPY is about 68 PIPS … if it were above 90 - 100+
PIPS it would be as close to a “perfect pair” in trading as you could ever hope to
find … but it isn’t, so I deal with it.
Don’t get me wrong, USDJPY has its moments of bat shit crazy [BSC], but for the
most part its chart is smoother than EURUSD, which at times can appear like it’s
on meth … there is “bigly & yuge” institutional flow into / out of USDJPY on a
daily basis, and while it’s hard to judge if Mrs. Watanabe & Gal Pals, or some of
the other Chuckleheads still trade Yen like they used to, bottom line is it doesn’t
really matter cuz they’ve always been dwarfed by the “big money” anyway
… what makes USDJPY attractive are 2 items … 1) LOWEST BID / OFFER SPREAD
on anything traded, and 2) a relatively decent to excellent range in the M1’s
during U.S. hours … even given today’s shit range of about 53 PIPS [so far], the
average hourly m1 range is about 2.0 - 2.5 PIPS since New York got going about
4 - 5 hours ago.
Rates in late morning going lower on some major bank PR bullshit about how
recession risks are rising … oh, OK … how does that square with 5 - 7 rate hikes
going through the end of 2022? … and what’s in your magical glass ball about
inflation cooling that’s gonna allow rates to drop? … again, somebody tell me
how Treasury rates under 2% puts the fire out in inflation that’s easily running
10%+? … [and I don’t give a shit what some government Apparatchik says about
“official” inflation stats, cuz they are LIES!] … and that has set off the “Spoos” to
the upside, and by default with “risk” now “ON”, USDJPY goes somewhat lower
for the first time in 5 days … what a wonderful manipulation act this was, coming
on a Friday to trap shorts into the weekend and force them to make a decision.
Day isn’t over, but I’d say the banks did a wonderful sales job to get “Stonks”
higher … mostly so they can sell inventory to all the BTFD Dopes and bank some
coin before the weekend … just think of “The Comex Con Game” in reverse and
you won’t be far off.
Today’s problem was getting the USDJPY range to an adequate level, where the
trading algorithm could become effective … that didn’t happen until the third rate
econ stats got released at 8:30 AM EST, and gave a glimmer of hope for lower
rates today … when that happened USDJPY responded and we got our first and
only decent algorithm buy signal in USDJPY … TURNKEY PAMM UP SLIGHTLY
… since that first low, things have died down dramatically as we’ve passed the
London Fix and are now into the afternoon of New York, where for the last hour
the range has been about 10 PIPS and the market is chopping while moving
sideways … and while I realize USDJPY is most likely good to the NYSE close,
unless something drastic happens, I don’t really want any part of a New York
afternoon on a Friday … any Friday … and that goes for Yen as well as any other
market, simply cuz the amount & scope of “scumbaggery & fuckery” is high after
Europe closes and it’s the virus scum of Wall Street banks we are forced to deal
with … and to that I say, “No thanks”.
My volumes were intentionally light today, simply cuz I have to gauge Turnkey’s
FX LP’s ability to be honest & fair with fills … I’m not expecting any problems cuz
this is FX, the best area Turnkey has for trading … but hey, Turnkey being Turnkey,
you don’t know until you know … today’s fills in USDJPY were excellent, as both
in & out had ZERO slippage, and latency was good enough to convince me
nobody held the orders … volumes next week go up from here in stages, and
from all indications we should be OK doing the kind of volume I want to do … so,
good news for the PAMM today and it’s on to next week.
Crypto a completely different story, where the alt-coins are suffering as BTC
remains steady to rising in price … volumes are down and liquidity has vanished,
and I’m thinking that since this is the very first time in crypto history the space is
going through a tightening cycle [real or imagined, what’s the difference?],
traders / investors are pulling back … BTC is a “store of value” [SOV] coin,
whereas the alt-coins that matter are building out the block chain to one degree
or another, and a rise in rates is gonna affect funding and investments in
partnerships no doubt … how long this lasts is anybody’s guess, but for right
now the alt-coins are in a deep freeze … No trading in crypto today for
“The Syndicate”, as I await better conditions.
Blog update on Sunday … outta here … “The future’s so bright I need
sunglasses”!! 😎😎… Onward & Upward!!
-vegas
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