Congrats to the wonderful people of the beautiful state of Wyoming … no greater
“Patriots” [does this mean I’m a domestic terrorist?] anywhere for love of country
and FREEDOM … and the Cheney legacy finally gets its just rewards … Neocons
be gone! … endless wars, endless killing, endless weapons procurement, the
Orwellian “Big Brother” VP that brought us 2 wars, thousands of dead U.S.
servicemen & women, has been finally vanquished to the city dump where the
entire family belongs … good riddance to rubbish!
Best political cartoon I’ve seen in a long time, it had me chuckling through
breakfast … directly below.
Turning to today’s casino action, not much meat on the bones of anything as we
head towards OPEX on Friday … gold looking like a repeat of yesterday, but the
day is young … “Stock Bellies” a tad softer, but so what?, and the dollar just
diddle farting around doing nothing … we got some serious “nothingness” going
on right now! … 2 hours into this “nothingburger”, and we got a “Trading Ratio”
[TR] of 2 … which of course stinks, and ain’t gonna cut it for trades … again,
welcome to August, but we still got plenty of the day left, so while right now
things look like flaming dog poo in a bag, that can change in a hurry … we’ll see,
as retail sales is coming up, and later right as we close at 2 PM EST, FOMC
minutes are released from last Lounge Lizard meeting.
When gold isn’t moving, here’s the big problem in a nutshell, and it makes
ZERO difference whether you want to attack gold from the long or short side
… attacking it from the short side and you get the FOMO crowd, and attacking it
from the liong side you get the panic liquidations … so, there’s no edge here for
anybody … but the problem is one of scope & length of rallies and breaks
… 2 big problems here … 1) you assume, if you wander into this clusterfark and
trade, that if you have 1, 2, or 3+ losses in a row, that somehow that “magic”
trade that’s finally a winner, that you’re gonna ride it for all it’s worth … easy to
do in hindsight cuz you can see the result beforehand … in real time, though, if
you had $4 per Oz. losers, and all of a sudden you got a $2.50 winner and it starts
to waver on the upside, what if A) you hang on to recoup all losses and it decides
to go down $10?, or B) you get out and 3 minutes later it’s $5 higher … 2) if it then
decides to go against you “bigly & yuge”, how you gonna recoup anything?
… how? … range is crap, action is crap, and now you need real movement to just
get back to even … how you gonna do this? … and these are the 2 biggest traps,
regardless of market, when action sucks and ranges are tiny versus 20 Day
Range MA’s … most traders don’t think it through … trust me, the scumbag
banks and/or bullion dealers have “thought it through”!, and they will grind you
into dust without hesitation if they can.
We got about 10 minutes of decent action around the retail sales number, but
that faded quickly as other markets are for all intents and purposes, DEAD … gold
isn’t an island, and feeds off of other markets as well, and when the entire trading
space is rather lethargic, why would you think somehow gold is the exception
and ready to explode? … markets could be waiting for the FED minutes … dunno
… then again, it’s August and not a whole lot of people give a crap at the moment
about anything … beach time, cabin in the mountains time, etc., and the mindset
of “it’ll all be here after Labor Day” … maybe, maybe not, but you can’t discount
it … and now gold is just drifting a few bucks off the low of the day, where for the
last 4 hours, we got an approximate $9 range from the tips, but more like about
$5 for trading … given that median, and the fact we’re within an hour of the
London Fix [Europe close], and it looks and feels like the FOMC Lounge Lizard
minutes are gold’s only hope for movement come 2 PM EST.
Markets are not stupid … despite the obvious propaganda of dopes like Biden,
who somehow think there’s no inflation, only the threat of global depression has
knocked crude oil down via lessened demand … stagflation is here and in a big
way … wage growth sucks … food prices at 40 YEAR HIGHS, and the FED hiking
rates aggressively not seen in over 40 YEARS … and while gold is “hanging in
there” and not getting destroyed cuz nobody believes these rate hikes will stick,
and come real soon there’s gonna be a “FED PIVOT”, we ain’t there yet … oh for
sure, it’s coming and when it does look out above! … you just have to be patient
with gold and “ride the waves” when they come … does you no good to get up on
your surfboard if there’s no wave coming … what’s the point? … take a look at
other markets, and tell me what’s moving … nothing is moving yesterday or today,
and we got FED minutes later today and OPEX on Friday … sure, it’ll move, but
you got to be patient & disciplined and keep your powder dry for when it matters
… that’s what the gold algorithm does and why I developed it for the Mrs. &
“Miss Gimpy” [with a shrunken leg now], and why I ultimately came to the
undeniable conclusion gold is the place to be going forward, despite August
bullshit, which of course will soon pass.
Past the London Fix now, and into the New York afternoon, and not anything to
chew on from the long side of gold … softness everywhere, and rumors of FOMC
minutes to show some Lounge Lizards wanted 100 bps rate hike … and gold is
just walking down the hill … I’m a little surprised gold hasn’t shown better
resilience … outside of very tiny short covering bursts, where the MFi readings
go above 80, and the shorts go panicking, once that’s over it’s to the downside
pretty “Hoover Dam” fast … with the HULL 120 EMA sloping lower for the vast
majority of the day, there simply haven’t been any sequences where being long
makes any sense, at least IMHO … can the FOMC minutes change that? … we’ll
see, but I will remind traders when any market is under its HULL 120 EMA, when
the m1 turns red, anything can happen and happen extremely quickly … and it’s
the blasts lower that really hurt people the most.
Heading to the FOMC minutes, simply a horrific TR number below 2 in gold
… I don’t care what it does, you can’t allow yourself to get sucked in when
conditions are this bad … we need better trading conditions, and I’m not sure
we’re gonna get them this afternoon, Lounge Lizards notwithstanding.
Great, more action in 7 minutes than in 8 hours … first set up the “straw man”
with a rumor about possible 100 bps rate hike that didn’t happen … then when
there’s nothing in the minutes, rally the shit out of it cuz it isn’t there, just like
you knew it wouldn’t be … see how this bullion bank scam works? … all of
course, at the end of the day … then when specs pile in, “Thelma & Louise” it
lower for emphasis … $6 UP, $4 DOWN in 7 minutes … thanks for playing, come
again soon! … what an absolute joke.
Not for lack of trying or wanting to participate, but simply cuz there wasn’t
anything to do from the long side today, no trades today in gold … maybe a
couple of “Iffy” signals, but with the HULL 120 EMA solidly negatively sloped,
and no real signs of any buying interest, I sidestepped those … and btw, they
didn’t do much of anything anyway … now after 2 PM EST, there isn’t anything
here this late in the day I’m interested in … onto tomorrow.
… outta here … “The future’s so bright I need 2 pairs of “golden”
sunglasses 😎😎, and my own Brinks armored truck” 💓!!
… Onward & Upward!!
-vegas
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