Second day of the year, and it seems appropriate to break out the “BTFD” tune
from Cardinal Cash as we start 2023. Directly below the link for some much
needed giggles.
https://www.youtube.com/watch?v=_WoLqtw681Y
Welp!, time to move over to the “Spoos” and take everybody’s money! … gold for
its part today seemingly doing what it does best, which is of course moving
up/down when nobody is looking except those trading the Asian session … today
seeing an almost $30 range before Europe even opens … somebody check Mrs.
Watanabe & Gal Pals for drug use.
A different story in “Spoos” land, where we await ISM & JOLTS numbers and at
2 PM FOMC minutes … and if you thought other markets are/were “effed up”, so
far one look at “Spoos” after half and hour and you’re looking at really messed
up chop … does it get any worse than this? … technically, the daily chart looks
“ugly”, with a nice flag formation to the downside forming along classical lines
… if 3792 breaks, look out below … quite frankly, there have been multiple
attempts by bulls to take “Spoos” higher, and each time over the last weeks it’s
been thwarted rather quickly … today no exception, as early rallies after the
scam NYSE open were met with selling.
A trip to new highs for the day cuz it can on spikes from Hell, followed by nothing
but chop or hours, sees a “hawkish” FED minutes, and now it’s time to get
monkey hammered … quite frankly, another day completely “effed up” cuz of the
FED and their dumb ass minutes … that goes for “Spoos” and gold, which hasn’t
moved for shit since it exploded $30 higher in the Asian session … I literally hate
these FED releases anything days, as it warps markets beyond recognition and
causes some wicked volatility both up & down … and don’t forget, spreads get
blown out as well on the news release, so there’s no relief from the scumbag LP’s
… and judging by a reading of the minutes, there isn’t anything positive you can
take away from this on the interest rate front … the Lounge Lizards give no
indication of any “pause” or “pivot” in 2023 and are all calling for higher rates
still … that ain’t bullish for stocks or gold, notwithstanding the fact nobody thinks
they are telling the truth … the trade still betting on a pause or pivot sooner rather
than later … the FED will continue to raise rates UNTIL THE STOCK MARKET
CRASHES … then it’ll be QE INFINITY forever!
Meanwhile, crude oil getting destroyed lower … down over $8+ since Friday’s
close … this market is screaming recession/depression … is anybody listening?
… and it’s coming from demand destruction, not supply increases … on all fronts,
“Trading Ratios” [TR] utterly stink … gold well below 3, and “Spoos” just as bad
if not worse … and this metric is screaming at me to leave these markets the Hell
alone today, cuz all that’ll happen is trouble if the [TR} is not good enough … and
they ain’t good enough! … about an hour ‘til the close, and I want no part of this
bullshit day manufactured by the FED for banks benefit … usually I can read the
“Spoos” market, but I got no handle on today’s action cuz of the late FED minutes
release at 2 PM … the FED skews and fucks up everything it touches, and days
where they got things to say to markets, you can count on trouble brewing for
specs … why should today be any different?
No trades today for the PAMM … just not good enough TR’s in either “Spoos” or
gold to make trades … really pathetic trading action … quite frankly, I didn’t expect
this low level of market bullshit once the new year started, but here we are
… algorithm signals still came and went, but most of them showing only the
slightest of gains and there were a few “false positives” … that happens when
market action goes “soft” and VIX contracts, even inside of big range days
… Asia another story of course, cuz it moves and moves well … New York a piece
of shit most days now, especially in gold … crude I’m not touching while it’s in
“falling knife” mode … onto tomorrow.
… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,
and my own Brinks armored truck” 💓!! … Onward & Upward!!
-vegas
No comments:
Post a Comment