Markets [a/k/a “financial derivative slot machines”], as you've come to know
them, are completely broken … loss of volumes, and even bigger losses of
liquidity, have turned financial markets into a form of roulette … “speed of light
… crickets” moves engineered by manipulators and their BFF scumbag LP
banks and/or HFT’s, have turned the entire world into one gigantic casino,
where all that matters is fading the order flow of the trapped … forget reversals,
they happen so often it’s not even worth mentioning … double, triple, and who
knows how many more reversals are becoming the norm, as trapped
traders / investors find themselves outside looking in, and wondering WTF
just happened?
And if that’s not bad enough, we have to fight “tooth and nail” with scumbag
bank and/or HFT LP’s, whose only job is to screw us blind, while at the same
time making us think it’s “natural” … you know, the “DUH!, market conditions,
DUH!” horseshit defense they parade out for every crime they commit … and if
it’s pennies they steal, nobody cares, simply cuz market volatility will make up
for that, and most traders realize it’s simply a “cost of doing business” … but
when they go out of their way to screw us with sharply expanded spreads in
milliseconds, and horrific slippage on top of that, it ain’t pennies any more
… and the message is undeniably clear … “you ain’t scalping to pick us off cuz
we won’t let you … the only scalp on the floor will be yours!” … but, but, what
about that “liquidity provider” role you’re supposed to be playing? … screw that,
that’s just a ruse for Chumps to chew on … we’re here to make money off of you,
and the more the merrier!
Then against that backdrop, we got central bank manipulators who view markets
as “policy tools” for their own screwed up ideas … throw in the “skim” LP’s
shuffle off to their offshore illegal prop accounts, that get distributed to POLS,
Apparatchiks, & regulators, and it should come as no surprise why shitbag,
criminal outfits like JP Morgan are still in business … no bigger crooks in the
precious metals market than these scumbags, where their chief trader just got
busted and found guilty of market manipulation of gold futures … no biggee,
just a fine, move along Sheeple, nothing to see here except rampant criminality
… JPM, a complete metaphor of everything that is wrong with U.S. finance.
Don’t get me wrong, this isn’t a phenomenon that just happened overnight … this
has been going on for decades, all the way back into the 70’s and 80’s, during the
exchange “cocaine cowboy” heyday of “scumbaggery & fuckery” that would
make the Clinton Crime Family blush with envy … “where do you think Cankles
got the idea for her “Cattlegate” payoff from Red Bone of REFCO? "… just another
payoff for the POLS, Apparatchiks, & regulators … again, nothing special here, it
happened all the time … only now, it happens at the speed of light, comes out of
nowhere, is instigated by scumbag banks, backed by central banks if they need
more money, and at the end of the day when the specs are fleeced, time to split
the “skim” up and get ready for tomorrow … EXIT QUESTION: “with all of the
hundreds of trillions of dollars washing around daily, how come no bank ever
gets into trouble any more via their trades? … EASY PEEZEE ANSWER: they
don’t take positions AND THEY DON’T TRADE, they simply front run and skim
order flow and become flat by the end of the day … in other words, they simply
steal money, and when that’s your biz model, it’s kinda hard to get into trouble!”
File this under “SNAFU” … the “Chuckleheads”, along with Mrs. Watanabe & Gal
Pals, FOMO panic buy gold into the Asian close, where it gets promptly faded like
a cheap suit in sunshine … and there goes some good “buy fuel”, used up by a
bunch of perennial loser specs who have no clue … some things never change
… gold working on 7 days in a row lower, and I’d still like to see a “flush of the
toilet” in terms of price getting slapped lower “el mucho quicko” … we haven’t
seen it yet, and usually the last long holdouts are the ones to puke, so we’ll see
what transpires … everything looking rather dull at the moment, but it’s early yet.
I’M AFRAID GOLD ISN’T GONNA WORK for us … it’s got nothing to do with
going straight down or straight up, it’s being mugged, robbed, and raped by
Turnkey’s LP’s, whoever they are … I’ve analyzed it 6 ways from Sunday in real
time, and here are the major problems … 1) the spread is CONSISTENTLY higher
than other houses by at least 10 - 15 cents per OZ. … 2) slippage is terrible if not
horrific more than 50%+ of the time … 3) the speed of light in changes in the
bid / offer, sometimes quite sizeable lead to horrific fills … and 4) INABILITY TO
DO SIZE WITHOUT GETTING KILLED … wanna trade 5 OZ, then great, but now
try 500 OZ. and see what happens next … and today highlights the problems in
spades with this market … gold an absolute horror show of ZERO liquidity.
So what now? … well, I got no choice but to go back to FX, however I’m not
going to trade either YEN or EUR, but CABLE [GBPUSD] … I switched over to
Cable during the melt up after the U.S. global PMI crashed “unexpectedly” … at
least we got high probability opportunities, warts, pimples and all, and I don’t
have an aversion to being short either … and volume size isn’t an issue like in
gold … not trying to play “Whack-A-Mole”, but the reality of the situation is what
it is and can’t be ignored, and that reality is gold is not a good market to trade at
Turnkey … it borders on “rip off” status, sorry to say … you might as well be
playing roulette in Las Vegas, you’d have better odds than what Turnkey gives
you … sorry, it is what it is.
Lately, even with Cable tanking to new 20+ year lows [not counting the
October 1, 2016 “flash crash” which was total bullshit], the trade both long or
short has been pretty good … pick your poison, you will get your shots … and
while pure scalping remains elusive in FX cuz of the LP’s and their penchant for
preventing us from doing it, extend your time horizon just a tad, and you’ll get
what you want … it just takes a hair longer to play out … and while FX pairs can
get “sticky” sometimes with funky price moves, especially on news, I’d rather
get stuck being wrong in Cable than being stuck wrong in gold any day of the
week … the vast majority of the time, you won’t get the horrific slippage gold
sees, and quite frankly gold is just getting worse, not better … at least at Turnkey,
it’s a horror show, and I don’t need any of that!
Historically, Cable has been the VIX leader among dollar pairs … however, with
the idiocy of the BOJ, we now got the Japanese Peso taking center stage, and
that pair has almost destroyed itself with bullshit moves, much higher bid/offer
spreads, and horrific slippage that would make Vito Corleone blush with envy
… recall my 7 PIP screw job slippage infested fill the last time I traded YEN
… and while EURUSD looks appealing on the surface, changes in that pairs
bid/offer spread from second to second leaves a lot to be desired, right along
with the complete illusion that Turnkey is offering it with a 1 or 2 tenths PIP
spread … that’s bullshit, cuz it’s more like 6 tenths to a full PIP … bottom line
then, there isn’t any advantage there like it looks like it should be.
A little “oomph” into the London Fix, where the debate going forward is, which
horse in the dog food factory is best, cuz they are all shit … it’s almost as if
every central bank wants their currency to go to ZERO … who can outdo who
on the hit parade of terrible economic stats? … well, at least that leads to some
kind of trading!
I did get one GBPUSD algorithm buy signal before the London Fix … TURNKEY
PAMM UP FRACTIONALLY … and no, we’re not the “up slightly” fund … as I’ve
stated before, finding the right market or group of markets to trade is a real issue,
especially when the scumbag LP’s are gunning for you any which way they can
… and if you’re being mistreated with a shit spread, bad slippage far too often,
then you gotta walk away … otherwise they’ll simply grind you down … volume
size is very important, and that’s a real problem in gold, but not at all in Cable
… quite frankly, I can do anything I want in Cable “no problemo” … do a 5 lot in
gold and let me know what happens next! … as long as we’re treated “fairly” in
Cable, I’ll stay in Cable … I’m not looking for any favors, cuz they don’t exist,
just fair fills without mugging, robbing, and raping the orders … and that’s the
problem in “Stock Bellies”, crude oil, AND gold … they just can’t stay consistent
and fair, always the “bait & switch” followed by nightmare fills … well, at least
so far today, both latency and fills were fine in Cable, so it’s a good start … and
if they keep it like this, I’ll be backing the Brinks truck up to the loading dock!
For most of the day, the “Trading Ratio” [TR] in Cable moving between 5 - 7,
assuming a 1 PIP total cost, which is excellent … still at around 4.5 - 5, even
after the Fix and into the New York afternoon, most days will see a falloff once
the Fix is over and done with … but, not every day and this is one of those days
… quite frankly, and I’ll say again … “IF” … “IF we can get treated fairly on orders,
Cable will outperform gold hands down most days" … that’s cuz of the trading
nature of Cable versus gold, and the fact that anybody can do a Helluva lot
bigger orders in Cable than they can in gold without getting “skunked” by some
scumbag bullion dealer LP … latency in Cable TWICE AS FAST AS IN GOLD,
which makes ZERO SENSE, but it is what it is, and I got ZERO SLIPPAGE.
Quite frankly, I don’t have a problem with slippage if it’s minimal, but when you
take me by the hand and hustle me out back and shoot me in the head, and then
try and tell me I slipped on a rock and got a head injury?… well, yea I get
somewhat pissed off! … give the PAMM what we got today and you won’t ever
hear from me ever again! … fair is all anybody can ask.
I’m not looking for Cable to regain its moniker from back in the pit trading days
of “The Widow Maker” … quite frankly, those days are ancient history and we
ain’t goin’ back to 300 - 500 PIP ranges anytime soon [I don’t think], nor do I think
anybody really wants to see that … current 20 Day Range MA for Cable is
approximately 138 PIPS, which is adequate to be sure … like other markets, it
all boils down to what happens in the Asian session, and then what’s left for
Europe and the U.S. … lately it’s been OK, so the opportunity is there … I realize
the “commodity era” is beckoning, but it ain’t gonna do us much good in gold or
crude oil if we can’t get fair & equitable treatment from the scumbags that run
those CFD markets … too often gold has disappointed at crunch time, and the
“bait & switch” just too frequent … crude a different story, and I’ll have some
thoughts on crude come tomorrow cuz when you look at the cost to trade crude
oil, it’s fairly priced as a percentage of its 20 Day Range MA … cuz even if Cable
works out fine for us, we always need a “Plan B” … onto tomorrow!
… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,
and my own Brinks armored truck” 💓!! … Onward & Upward!!
-vegas
