THE ATTEMPTED COUP HAS FAILED!

“What a shmuck looks like up close & personal.”

What did we learn last week? First, we learned that the “palace coup” orchestrated by “team Chalky Soetero” and abetted by the New York Enquirer [a/k/a New York Slimes and New York Times to liberal elites] & WaPo failed miserably, as ex-head of the Federal Bureau of Incompetents, Shmuck James Comey, peed into the wind and hit himself. Not content with simply coming off as a complete liar & weasel “par excellence”, he managed to do some other incredible things as well; to wit, 1) prove to the entire world what a complete sack of bat guano Loretta Lynch is/was as Chalky’s front “hit woman” at the politicized DOJ as AG, and tried, SUCCESSFULLY I MIGHT ADD, to turn Comey into a spineless Squish over Cankle’s email server when he agreed to “change some words around”, 2) indict his “buds” in the MSM as complete liars and “fake news” hustlers that we all know elite media are, complete with a narrative and agenda that is all that matters, and 3) let the entire world know he’s a “LEAKER” … you know, the kind of person he has prosecuted in the past and sent to prison … but, Jimmy’s a “special leaker”, cuz he has feelings and is above the law, and somehow sees his leaks as morally “OK” … his political causes are morally justified cuz he’s “special” don’tchaknow? … I wonder if the “leakers” or people he was directly responsible for prosecuting “obstruction” that he put in prison felt they were “special”? “Martha Stewart, are you listening”?

Second thing we learned last week is just how F-ing rotten, maggot infested, stinks to high heaven, total festering swamp Washington, D.C. is, and how the political class of this country is totally unfit to run an F-ing hot dog stand, let alone a country. “The depths that people will go and sell their souls for money and power is simply breathtaking. The lying, double-dealing, blatant hypocritical scumbags who pretend to represent “the people”, and instead only represent themselves and special interests in either getting more power or more money, has gotten to the point where I truly wish I could wake myself up from the nightmare called America and tell myself it was just a bad dream. Unfortunately, it’s all too real”. And if you can’t see it, you either don’t want to look or can’t face the truth. Two Senators immediately come to mind; McCain (R-AZ.) who should be in an old folks home wondering where his green jello is with bananas in it, cuz he’s lost his mind, and Kamala Harris (Free Shit Party, CA.) who I’m sure thinks of herself as the female Chalky heir apparent someday sitting in the “Preezy” chair in the WH, who frankly is nothing more than a constantly outraged SJW, whose only qualifications are she’s female and black, which is all that matters in Libtard Nation. She’s the stand-in that replaced Babs Boxer, and the one Chalky thought was soooo attractive he mentioned it once. Yea, that babe; the one that got her mic turned off in the Mike Flynn hearing cuz she wouldn’t shut up and let the Assistant AG in the DOJ answer a question; it was nothing more than her attempt at the “Stalin show trial” games.

Third thing we learned last week, especially Friday, is that the NDX100 is not, in fact, an anti-gravity wealth machine. OMG, it can in fact go down! Who knew? But while the central planners let the inmates run the NDX100 prison for an hour or two on Friday, not to worry in the large cap Dow30 index, where the “Plunge Protection Team” showed up very late in the day [last hour], and not only put the brakes on selling, but gave a classic example of what happens when you’re convinced the market needs to crash and remain short while they ramp it up into the close. “I’m pretty sure you care about money & profits … NEWS FLASH: they don’t”.

This week, of course, sees its share of rampant D.C. stupidity cuz Fed Pie Holes meet to raise interest rates, all the while the U.S. economy & world economy go into the tank … cuz you know, they’re “data dependent”, right? And whatever … it’s all “TRANSITORY” anyway … [like pretty much everything] … so, come Wednesday, rates get hiked and everything can go to record-er-er new highs cuz … STFU and buy moar!

Turning to today’s market … “and suddenly, believers start to appear” … I note with amusement that overnight a Japanese Bank [Mizuho] has downgraded the world’s most religious stock … you know, Apple … cuz apple just isn’t a company, it’s a frickin’ religion … how else do you explain otherwise ordinary reasonably intelligent people over paying for their products with zeal? EXIT QUESTION: “Does the SNB know of this, or are they the only big bids in this behemoth that doesn’t know that maybe the tide is turning some, and that the next big sound you hear is traders and investors hitting the exit gate at the same time”?

Which is kind of interesting, in a historical sense, cuz just as the daily & weekly NDX100 chart has put in a massive, ugly looking, bearish engulfing pattern from all-time highs, within days the Faculty Lounge meets and raises interest rates to put the final nail in the coffin of overvalued, high priced tech stocks … it appears likely, that lightening may indeed strike twice in the same place, cuz almost 18 years ago in 1999, then head Pie Hole Alan Greenspan raises rates and starts the bloodiest Nasdaq bubble bursting ever seen. We’ll see, but remember, just because NDX100 gets slaughtered and taken out back to get shot in the head and dumped in the pig pen, doesn’t mean the SP500 & Dow30 will follow … in fact, I would argue, they may in fact rise as money comes pouring out of one area and into another … cuz, where’s the money gonna go? … bitcoin, gold, bonds? Seriously, no … it goes into other stocks.

Overnight some news more Spanish banks in trouble [maybe] … not much if any reaction cuz tell me something I don’t already know … markets a little lower, with NDX100 flirting sub 5700 as I write here at sunrise in the Caribbean. It looks like a lower open, but a lot can happen between now and 9:30 in New York. Don’t be surprised to see a pre-market rally in the Dow30 & SP500 from a few hours out to the open; it’s the usual BS “pump & dump” to get the institutional Chipmunks to “bite” [a/k/a buy] at the open at higher prices and then move them lower; NDX100 and Mizuho downgrade of Apple to be opening drags on prices and sentiment. It would be nice, though, to see a lower open and a move lower right out of the gate for the Dow30 … something we haven’t seen in a while to set the tone for a potential decent up afternoon. We shall certainly see.

I’m not really looking for much today & tomorrow in terms of absolute price moves in the Dow30, what with the Faculty Lounge interest rate decision on Wednesday; there could be bouts of “profit taking” [thank you CNBC Bob Pisani], but they will more than likely be brief and opportunities to buy. Unless NDX100 falls off a cliff [possible], it looks to be 2 days worth of chop into the interest rate decision at 2 P.m. on Wednesday.

First trade of the day directly below, thank you very much NDX100 getting crushed the catalyst; was a tenth of a second late hitting the button, but liquidating I got very near the high. As I have stated before, these first trips lower I almost always treat as scalps; and once again today, for like the umpteenth time in a row, the first leg down [and subsequent double bottom test with three white soldiers back up] has proven to be the low so far today. Range of the day is still relatively small, given 1) tech volatility sharply increasing, and 2) increased rotation into blue chips. I’m thinking there’s no way this can hold, but we’ll see.

I’m pretty sure the “Plunge Protection Team” is not going to allow any of the 3 major U.S. indices to fall off the proverbial cliff either today, tomorrow, or Wednesday up to 2 P.M.; can you picture the headline flashing, “STOCKS PLUMMET, FED SET TO RAISE INTEREST RATES”! Yea, me neither. But it still seems to me that the definite increased skittishness and subsequent increase in volatility of the market limits the upside without some kind of defining break to new lows that shakes some complacent longs out of the tree via some sell stops.

Overall, the trade is vastly better than we have seen the last couple of weeks … a lot more movement. Let’s hope this keeps up and stays. It’s after lunchtime here in NY, and since the opening 45 minutes of good action, the market has died into its old habit of drifting aimlessly around the level I originally liquidated at, which is the 21230 area. I’m hoping we can get new lows during the Chicago Noon hour, cuz we all know what that means. While I wait for something to happen, I can’t help but chuckle at the speed of the traditional investment community the last couple of days in trashing the NDX100, and how all of a sudden … “well, looky here Ma, them experts says we should sell out of our fruit company” … Citi, JPM. Goldman, Mizuho, and God knows who else are hitting the ariwaves and internet financial sites with their downgrades … amazing coincidence they all come at the same time isn’t it?

It’s now 2 P.M. in NY, and the Dow30 is giving us its best interpretation of an old Alfred Hitchcock movie plot line; who dunnit, and everybody is on the edge of their seat. The Dow30 sits only within a dozen or so points from the day’s low, and with very little , if non-existent, buying power in the market, the question is what happens when the central banks adjust the bids lower … where do they draw the “new” line? Cuz from where I’m sittin’, it doesn’t look like anybody is getting bluffed by the bids for higher prices, and it doesn’t appear to me shorts are nervous; especially the NDX100, where a trip lower still is very much possible if not probable. More stops are down below, and the street will find a way to get them by “hook or crook”, whether they have to do it at night via pizza & beer in Squid HQ, or in the daytime with everybody around for the fun; they’re gonna get hit off.

I’m not surprised by the way the market is trading today, I’m more surprised by the small range; these century marks in the Dow30 on the downside always have stops right beneath them, and I’m sure the central banks are protecting them from getting executed and creating more downside pressure. More than likely we’ll see more of this tomorrow, where I expect trading conditions to really thin out going into Wednesday, where up until 2 P.M. it will be “sleepytime”. EXIT QUESTION: “Are new lows coming later today after 2 P.M., or do the central banks protect the downside”?

It’s about half an hour to the close, and while I would have liked more trades today, especially with a slightly larger expanded range, and of course higher profits, the market gives us what it gives us, and to “push the envelope” is unwise; it’s always about the “setup” and nothing else, and when you concentrate on market setups versus price levels and technical analysis, you go a long way to being consistently profitable in the stock indices. It’s really that simple. As we limp towards the close, the market seems tired and dead in the water; we got our answer for afternoon trading, and the central bank bids remain, thus we see no action. It’s “Onward & Upward”.

PAMM spreadsheet directly below.

Beach time! … the dog and I are outta here … until tomorrow.

Have a great day everybody!

-vegas

OUR TURNKEY FOREX “PAMM/MAM”  IS NOW OPEN AND OPERATIONAL; SEE “PAMM/MAM MANAGED MONEY PROGRAM” IN “DOWNLOAD LINKS” SECTION IN RIGHT HAND COLUMN FOR DETAILS [VIEW ONLINE AND/OR DOWNLOAD] AND START YOUR JOURNEY FROM WHERE YOU ARE AT TO “ESCAPE TO SUCCESS”!

HANGOVER

“Always remember … shaken, not stirred!”

From yesterday, I am left with a profound sense of extreme sadness over the future of the U.S.; we all know what pompous scumbags inhabit Congress, and it’s no surprise to see Senators grandstanding for the cameras … this they have always done. No, what makes me turn to the “James Bond martini” is the fact that every single thing in the entire country is now political, and the fact there are one set of rules for Libtard Dems [there are no other Dems left], and another set of rules for everybody else. To be honest, it’s sickening, and it’s probably the biggest reason I rarely watch anything on TV anymore except sports and maybe a movie. But, as anybody who has watched ESPN lately already knows, they are simply MSNBC with sports.

I don’t really care about James Comey; he’s a camera hog, self absorbed elite Twit who thinks of himself as indispensable; he’s a double dealing, can’t be trusted A-Hole … let’s play both sides of the political wind to see if I can gain an advantage over somebody … and now we know from his own lips he’s a leaker … head of the Federal Bureau of Incompetents leaks sensitive material about the president to the New York Slimes cuz he wants a “special counsel”, like a 2 year old wants a piece of candy. I’m left wondering how many innocent people are in prison today because of this lying scumbag … of tainted evidence to get a conviction … of illegal wiretaps, searches & seizures of assets wrongly obtained, all in the name of political expediency and sucking up to whomever is in charge. And this is what “justice” looks like? This guy the face of “justice” and impartiality? “Bartender, make me up another one quick,  por favor”!

Then there is the matter of the former socialist group a/k/a as the “Obama Administration”, who we now know tried to influence the criminal investigation into Cankles Clinton … we all knew this anyway … anybody with a single functioning non-Libtard brain cell can smell the corruption, influence peddling, and bribery from Lynch, Holder, Obama, Clinton, & the DNC; no surprise here to anybody willing to look at the facts. So, where’s the outrage for Lynch’s criminal behavior of obstruction of justice in the MSM? Of course, there is none, cuz she’s black, a DEM, more importantly a Libtard, and it doesn’t advance the progressive agenda to eat your own now does it? “The crickets are deafening”!

And just when you think the bat excrement sandwich can’t get any deeper, along come the Brits and vote in Labor, who are the most sympathetic, terrorist loving, Muslim apologists on the planet to now run the U.K. If you live in the U.K., you have my sympathies for now living in “bizarro world”, where I guess all the problems of immigration & terrorism can now be solved, now that Libtard do gooders may be in charge, by holding hands and singing “Puff the Magic Dragon” by Peter, Paul & Mary. Of course, everybody knows it will only get worse, but since you voted these assclowns into office, get ready for the onslaught of more blood and more dead bodies of Britons, all the while living in your delusional fantasy world of Mr. Rogers neighborhood. “Bartender, yup … shaken not stirred”!

[UPDATE: Apparently, the UK Tories have gotten the preliminary support of the DUP [N. Ireland] hard line unionists from Ireland, and have gotten the 10 seats from them [need 8 to govern] to remain in power. If true, it means the Libtard Labor party can go cry in their milk and maybe there is a sliver of hope for “Ma England” after all. However, with all coalitions in a parliamentary system, things can change rapidly, so we will see what happens in this clusterfark going forward.]

And as I said yesterday, is anything really news if it isn’t good for stocks? So, it shouldn’t be a surprise to see … STOCKS ARE HIGHER IN THE PRE MARKET THIS MORNING! … the NDX100 looks poised for new record-er-er highs … and let’s face it … “Everything IS F-ing Awesome Baby!” … How anything in the last 48 hours can be construed positive for stocks is beyond me, but hey, I got my college degree decades ago and so I’m not as “hip” to the socialist indoctrination that goes on today with “zero, zip, zilch, & nada” critical thinking skills. Such “old fashioned” notions of independent thinking can be upsetting to modern day financial types who see the FED like the wizard behind the curtain waiting for Dorothy. So, nothing left to do but BUY MOAR!

And while it’s difficult to know how the central banks are going to play with their bids to mess with traders heads, one thing you can take to the bank [err, not Banco Popular, though]… prices of the major U.S. stock indices aren’t ever going to be allowed to go substantially lower ever again … hell will freeze over first … and right along with that will be the manipulative cap on gold, the “Plunge Protection Team” floor underneath oil, and the back & forth “going nowhere” FX pairs. This is “The Golden Age of Central Banks”, and they aren’t ever going to give centrally planned markets up unwillingly or easily without a total revolution. And to “PROVE MY POINT”, simply follow and read the link directly below, and then tell me they “aren’t” the market. EXIT QUESTION: “Besides the central bank money cartel, who else comes close to this kind of buying power”?

http://www.zerohedge.com/news/2017-06-09/nothing-else-matters-central-banks-have-bought-record-15-trillion-assets-2017

After yesterday’s clown show, the one thing still holding the country together is investor confidence; and if you think the FED is going to let that slip away, I got some Haitian land to sell you also. Once lost, it’s a very tough prospect getting it back, and they will do anything [lie, cheat, steal, print money, whatever] to make sure it doesn’t happen with a market slide taking prices lower.

Turning to today’s market … here in the pre-market, about 90 minutes from the open … and of course we are near the high … what else? … as I’ve said before, nothing can interfere with the official government mantra of “stocks must never be allowed to go down under any circumstances” ever again … and no matter how insane this seems on the surface of it, you be the first to sell to ‘em and let me know how that goes for you … we are about 80 higher on the Dow30 from the overnight low … now that the manipulators have shoved it higher, the job in New York will now become “prevent and maintain” the gain at all costs … that doesn’t necessarily mean higher price, just simply that “good luck” getting the averages lower, cuz the probability of that happening isn’t good and they know it. You can only swim upstream against the current for so long until you give up and “go with the flow” or you die … what’s it gonna be Skippy?

Here at the “Chipmunk Open” [first 5 minutes of trading, where institutional Chipmunks buy/sell per mandate of their mutual fund or hedge fund], a little of everything for everybody; prices going nowhere quickly. The SP500 desperately trying to hit buy stops off above 2443 and have for the moment failed, we’ll see how the Dow30 reacts when this level gets taken out, most likely a little later in the day.

Well, that didn’t take long, now did it? First trade of the day directly below, a scalp, simply cuz I can’t buy the market like I want … which is on a half-way decent down move [you know, like the old days when this bat guano traded] … between the central bank manipulators [see link above] and the idiotic hedge funds who are gamma short the June option expiration, there is no way in hell this stuff experiences  a major sell off … that ship has sailed and it’s not gonna happen.

And so, don’t be surprised if the month of June gets a February repeat of the melt up; cuz the open secret right now on the street is that there are plenty of folks who are “1 X 3” and/or “1 X 4” long the SP500 call options at 2350 – 2375 [that’s the “1” part] and short 3 or 4 times that amount in the 2450 – 2500 call options , where not only are deltas and volatility increasing in the ones they are short [not a good thing], but exactly the opposite is happening in the ones they are long, and that ain’t good either. Result: a melt up encouraged and abetted by the central banks. Cuz “fun-durr-mentals”, like failing banks, terrible soft & hard economic data that says we are in a recession, global uncertainty thank you Brits, credit card defaults the largest in about 10 years … you get the picture. So “natch”, new record-er-er highs in everything.

At some point, you would think but I’m trying to give it up, this stuff would correct … but that flies in the face of the central planners who absolutely won’t let the big cap stocks go down … no matter what. So, any news is good news, and if the market is open it’s a great time to buy. And so, at the time I’m writing this, all time highs in everything; SP500, Dow30, and of course the NDX100, where Unicorn meat is now on sale for the savvy.

Now that we’ve had the short covering blitz to new record-er-er highs in everything, we now sit and do nothing … and my point from the other day holds, which is if you get caught in one of these the wrong way, how do you make it back with nothing going on? It’s “one & done” and there isn’t anything you can do about it.

Here in the early afternoon in New York, I guess even the central planners have figured out the stock indices are just a “tad” over bought [snark], and that maybe some bid pulling is in order. NDX100 is finally discovering gravity and down over a 100+ off the high … still plenty of room for more, but the question is how far will they let it go before they step in and aggressively bid it higher. Two days in a row the Dow30 has bolted higher on buy stops, and 2 days in a row it has gotten smacked lower afterward. Hopefully, with the NDX100 correcting, the short gamma hedge funds getting all they wanted in the 1249 area of the SP500, we can get some correction action next week that can see us lay in some volume from lower levels on the proper setup.

I can assure you, I’m not buying the rallies in the indices … I am buying breaks when we get them; and no, 2 M1 candlesticks down 7 Dow30 points isn’t a “break” … if I can’t buy the Dow30 like I want, I lower the volume some and we take what we can get and come back later … if I miss a move to the upside I don’t care; my first priority is to not meet Tony Soprano’s crew [remember Sil & the boys?] and get whacked. Our success in the PAMM is predicated upon 1) staying out of trouble and avoiding losses, and 2) taking advantage of the manipulators. Since April [about 50 market trading days], when the PAMM went exclusively to the stock indices, the Dow30 outside the French election meltup, and the “Trump Dump”, has had only 7 out of approximately 50, really decent down days to lay in volume for being long; unfortunately, 5 of these came right at the beginning of April, just as I was getting “in gear”. That has left us with 2 days for any kind of half way decent selling to really take advantage of; the rest all being some kind of moves to the upside. Simply put, we haven’t’ had many opportunities the last couple of months; that I believe is about to change. With today’s NDX100 debacle, the SP500 hitting the 2450 level and getting soundly rejected [for now], and the gamma short hedge funds getting taken out back and shot, more two-way manipulative bid action should be right in front of us. That should mean good trading times for us directly ahead.

From today’s afternoon action, with everything reversing and moving sharply lower, led by NDX100 [about F-ing time], I hope many if not all of you now understand why I don’t attempt to buy breaks after 2 P.M.; whatever small gains you get from time-to-time simply are a savings account to apply for days like today, where you are gonna get buried with no chance of making it back and ending up the day getting clobbered. TODAY IS WHY I DON’T BUY BREAKS AFTER 2 P.M. … tattoo it on the inside of your eyelids for future reference. In addition to that, I stated some blog posts ago, that this is how the current short term rally would end … on exactly this kind of day … where everything is “okey dokey” until it ain’t, and then starts sliding in the afternoon picking up tremendous downside speed after 2 P.M. … well, here it is.

Now, this needs to be stated, even though it’s pretty obvious; the central banks aren’t stupid … come Monday, they most likely aren’t going to get in the way of lower prices until it’s over … and at that exact moment, everybody who is short will get to meet the “Plunge Protection Team” up close and personal, cuz they will then come in and start a “rip your face off rally” and make you wish you never sold to begin with. They want to buy on their terms, not yours … so, they aren’t going to try and stop the downward moving freight train … they know when it’s over [and to be sure JPM. Squid, and others will tell them] they will put it right back from where it came either in hours or days, so it’s of no consequence to them. For all of us, it’s a different story, cuz we care about profit, they don’t.

I have been concerned about the stock indices for well over a couple of weeks now; granted, I know the central banks are there, and I know whatever sell off that comes will, in the scheme of things, be minor and of no significance weeks or months later. But for all of their manipulations, I still have to be extremely cautious cuz I care about price & profit and they don’t. The times I have been a few minutes to a fraction of a second early in liquidating, only to watch the market scream higher, as a market pro for a very long time, doesn’t bother me in the least simply cuz I know how these markets trade, and I know “pushing the envelope” when trading most often leads to disaster … “all the times you make money are nothing more than a savings account for the inevitable large drawdown that is coming from doing “stupid shit” … and I don’t do “stupid shit”. Period.”

Here about half an hour to the close, the NDX100 panic has been stymied, no doubt due to some large bids being placed to stem the tide so to speak. The Dow30 has put in a minor rally off the low of about 20 points or so, but where’s it gonna go if you’re long? I dunno, and neither does anybody else. I’m just hoping some of this “profit taking” [in the immortal words of CNBC talking head Bob Pisani], still has some legs come Monday. From a technical standpoint, after this mini debacle today, the worst thing that can happen Monday morning is an open that immediately goes higher … if that happens, when that buying is done, selling will return like today, and it’s simply a matter of where the central banks say, “enough is enough”.

The ‘setup” for today, again, was all wrong for higher prices, and it is what drove me to be extra cautious and simply take the scalp when it was there on minimal volume; in the end, a very minimal gain, but a gain nonetheless. One last item for the day. EXIT QUESTION: “WHY AREN’T THE INDICES CLOSING ON OR VERY NEAR THE LOW TODAY”? SHORT ANSWER: “Cuz they made new lows during the Chicago Noon hour. How many times have I told you about this phenomenon”? Onward & Upward.

PAMM spreadsheet directly below.

Time for the beach! … the dog and I are outta here … until Monday.

Have a great weekend everybody!

-vegas

OUR TURNKEY FOREX  “PAMM/MAM”  IS NOW OPEN AND OPERATIONAL; SEE “PAMM/MAM MANAGED MONEY PROGRAM” IN “DOWNLOAD LINKS” SECTION IN RIGHT HAND COLUMN FOR DETAILS [VIEW ONLINE AND/OR DOWNLOAD] AND START YOUR JOURNEY FROM WHERE YOU ARE AT TO “ESCAPE TO SUCCESS”!

WAITING FOR TRIFECTA THURSDAY

“Please, take a seat in the stock indices waiting room!”

I guess we are all supposed to be impressed with the ECB sweeping a failed Spanish bank under the rug, and now pretending everything is “Okey Dokey”? What a bat guano show that turned out to be, but you must remember, nothing can interfere with “stocks must never be allowed to go down” mantra, especially the indices. That should explain everything you need to know in order not to go insane from the negative headlines screaming out of Europe this morning.

So, funny thing happened on the way to a slow day in anticipation of tomorrow’s three ring circus known as Comey, ECB, & the UK election; and that “funny thing” is the failure of Banco Popular, a Spanish bank drowning in bad real estate loans and other various debt they can’t get out from under. So, along comes Santander, and buys the whole enchilada for exactly 1 € [euro], minus the debt and liabilities of course, and everybody at the ECB is in “happy face” mode. “Nothing to see here Sheeple … move along now … only rich bondholders and equity owners got wiped out, not ordinary folks, so everything is fine now … OK”? Maybe the feckless, elite Twits at the Mariner Eccles building in D.C. can explain the word “transitory” to all the people who lost money “investing” in Banco Popular … you know, give ‘em the faculty lounge “spin” about how “shit happens” and it’s “unfortunate” and then look at ‘em in the face and say, “but see, Everything is F-ing Awesome Baby!, and now things are OK … right”? And then, get ready for the violence to commence.

If it weren’t for the extensive and blatant manipulations of the central banks, which in today’s market environment they don’t even bother to hide what they are doing any longer, stock indices “yawn” at the failure and then a few minutes after the open it’s back to business as usual; which is of course, large unlimited bids underneath key stock index components, which means we either drift higher or sit doing nothing, cuz we ain’t going down sharply on the bad news out of Europe. Maybe the bids get pulled, who knows, cuz it’s very hard to impossible to know what the manipulators are thinking when profit is not their goal like ours is.

Turning to today’s market … “Nothing says buy stocks more than bank failures … right? Hell, I’m in the mood to buy anything/everything cuz everything is soooooooooo F-ing awesome I can hardly stand it. And all of this should give you preview enough of what to expect tomorrow, cuz no matter what EX- Federal Bureau of Incompetents Chief Assclown James Comey says, no matter what Super Mario says at the ECB presser, and no matter how the U.K. election turns out, it will be spun as “UBER BULLISH” for stocks; new “record-er-er highs in everything on the Friday close. Damn, it must feel good to be a gansta”!

In reality, the one thing the central banks don’t want to do is see their bids hit; they’ll pull them and adjust them lower cuz they don’t want to feel like they are being “ganged up on” if large hedge funds & other assorted institutions start to put some ‘chink” in the armor of invincibility they think they command. So, it’s not that prices can’t go lower, it’s that they will go lower unlike anything we have been used to in the past. There will be small spikes down followed by congestion … rinse & repeat, until the institutions back off, the bids return and everybody who is short gets squeezed once again on the way to higher prices.

From a buying perspective, today’s action in the Dow30 since the New York open @ 9:30 is not very strong; from a “setup” standpoint, coming out of the box and going to a new high … then going straight down to near the low, is not a good setup for prices later in the day … what this market needs to see, and hasn’t in a good long while is a lower open, followed by prices going lower on sell stops in a 2 or 3 legs lower environment, then a rally to new highs later in the day. We haven’t seen this for a while simply because the first leg lower out of the open has been aggressively bought … now though, with a higher open and the potential for some volatile trading tomorrow, we could possibly get the sell stop waterfall to below 21100 … we will see.

So, let’s take a look so far to what has happened in today’s “hurry up & wait” exercise for tomorrow’s big show; open … rally to new high … pull bids and go to new low … put bids back in and rally off low … pull bids again and sell off some … and please notice, that when the market hit a new low it was purely taking out some sell stops … cuz there wasn’t a thing behind it but more bids getting put backed into the market. So, while we may go slightly down some, nobody at central planner HQ is going to let the market have its way with prices on the downside. And once again, we see totally nothing going on with M1 ranges of 1 & 2 points … and then the central bank bids get readjusted and … Boom! … +10-15 points up faster than you can even think, “WTF was that”? And so it goes in the new central bank trading paradigm we find ourselves in from now until Jesus comes back. Oyy.

For those of you needing further evidence, simply scroll back on the M1 to earlier in the day between Midnight and 2 A.M.; and simply notice the M1’s have much larger ranges in the dead of night than they do in the heart of New York trading. How is this possible? It’s possible and it’s the reality because the manipulators absolutely know you aren’t up and awake and trading, either for yourself or your hedge fund and/or institution at 2 A.M. … you think they’re stupid? … no need to do anything here cuz there isn’t any big traders around, and they can let the market go up/down some inside an acceptable range … get to New York, now you’re talkin’ a whole different kettle of fish … now, prices need to be “maintained & protected”, and the result are ranges that … let’s be honest here … suck. You don’t need to be a rocket scientist to look at the M1 chart and notice “when & where” bids are adjusted [spikes], and then notice nothing happens after the spike … it’s mostly “one & done” … in a free market how does this happen? [HINT: It doesn’t, but we aren’t there are we?]

Here a little after lunchtime in New York, it’s the central bank “bid show”; bids placed, everything “dead”, NDX100 slightly higher [God forbid it should ever go lower … I think it’s now illegal or something], shorts trapped [again] off the low a while ago with no place to go … and it’s basically “have a seat in the stock indices waiting room and we’ll be with you in 24 hours or so … until then enjoy the condiments and the one minute spikes out of nowhere that then go nowhere”! Not like it’s unexpected, but it’s a sick puppy for trading at the moment.

In fact, what we are seeing today is the first time in a long time a second leg down after a low during the day … the fact it’s coming off of a new high for the day after the open is the ‘setup” … and despite the “hammer” at the low, I don’t think we’ve seen the end to this yet … it doesn’t feel right. Despite my misgivings, it would have been a decent trade, but I simply passed on it. I really don’t like these spikes and then “one & done” until it decides to spike again later, either up or down it makes no difference.

And just to show how difficult things are, below is the SP500 in the M1; this is the busiest time of the day, and yet, there are entire M1 candlesticks where there is no trade at all, and then all of a sudden it lurches to another price in the next M1. How is anybody supposed to get a “read” on this when there is zero price discovery in the trade? Honestly, I don’t think [outside the last few months] I’ve ever seen this before in the history of stock indices trading, and it’s a big problem for me when trading, cuz you are really flying blind with no price discovery.

Our old friend, the “Flying Wedge of Death” [FWD] makes another appearance today [not unsurprising really given the nature of the day and what comes tomorrow], with the 1) open, 2) make new high, 3) make new low twice, and 4) go back to high, and 5) most likely go nowhere from here so that longs have to liquidate on the close with losses. And folks, if there’s ever something I want to avoid in trading, it’s the FWD, cuz it’s the financial equivalent of the ebola virus for traders. Here we are about 1 ½ hours to the close, and I don’t have a clue where prices go next … there isn’t anything in the market to tell me Mr. Jack Squat, and we’re simply sitting about 8 points off the open price in a nothin’ day before “Trifecta Thursday”. Granted, in hind sight the “hammer” low was perfect for a buy, but it happened in 4 minutes and never looked back, and quite frankly I wanted a test of 21100, not simply a few Dow30 points below yesterday’s low, before I got long, and also I was looking for a bigger day’s range to go along with it; simply put, a 70 point range for the day in an FWD isn’t anything I want to get involved in … been there, done that and it is nothing but heartache getting back to even … and in retrospect, when I think of past years trading, every time the market hands traders the FWD, pretty much everybody loses but the brokerage house. So, with what’s coming tomorrow, I got no regrets about sitting on my hands today; and if I can’t get what I want, then it’s gonna do whatever it wants without me.

Coming into today, my thought was that with the failed bank news out of Europe, if we could get any shot down in the morning hours to 21100 or lower with the appearance of some sell stops getting shredded , I’d take the long trade with volume, and if it refused to go down, simply leave it alone, cuz I don’t think it has anywhere to go on the upside today above the high set much earlier. As a result of this, I fortunately missed the FWD, and the market has basically been a nothing burger the whole day … here a few minutes from the close, the Dow30 is only a couple of points from the open, even after a ramp to a new high up at 21200 on “vapors”, only to see it sell off very quickly … tomorrow is gonna be another story, as I expect it to be a full throttled up move to new record-er-er highs when it’s all said and done … why? … cuz nothing short of nuclear war is gonna stop the mantra of stocks going higher, no matter the news, cuz that’s the FED’s game plan.

From yesterday, Turnkey has said everything in the master pooled account is accurate, so why complain about a small adjustment in the balance in our favor? We’ll simply take it and call it a trade adjustment. Unless it’s against us, don’t look for me to press them about why.

PAMM spreadsheet directly below.

Time for the beach! … I’m so outta here … until tomorrow’s circus.

Have a great day everybody!

-vegas

OUR TURNKEY FOREX  “PAMM/MAM”  IS NOW OPEN AND OPERATIONAL; SEE “PAMM/MAM MANAGED MONEY PROGRAM” IN “DOWNLOAD LINKS” SECTION IN RIGHT HAND COLUMN FOR DETAILS [VIEW ONLINE AND/OR DOWNLOAD] AND START YOUR JOURNEY FROM WHERE YOU ARE AT TO “ESCAPE TO SUCCESS”!

VIX EXPLODES: “GEE, WHO COULDA PREDICTED THIS?”

“Some waves are bigger than others Lance … don’t forget that!”

And then there comes a day, when Newbie traders get “re-educated”; they’re not ready for the explosion in volatility [largest ever percentage increase in the VIX yesterday for 1 day … 110%], they have no concept of “setup”, and they have no idea of the mechanics & logistical patterns of market breaks and/or rallies in the stock indices. Eventually it catches up to them … yesterday was one of those days.

From my perspective, it certainly could have been a hell of a lot more violent than it was … breaks off of rally attempts were, for the most part, rather orderly … there were a couple of 5-7 point downdrafts, but 5-7 Dow30 points ain’t nothing like 20-30 Dow30 points when you start talking gaps in prices.

What bothers me more than anything, though, is that trading has become a “tent sideshow” in the circus known as Western Civilization; increasingly, markets are being held hostage to anything and everything “non trading related" except in the most tangential way possible by corrupt and despicable politicians [most notably Libtards, who won’t be happy until the U.S. is turned into Venezuela … “it’s for the children … you knew that, right”?] who increasingly view power as their “right” and not a privilege bestowed by the governed. All you have to do is ignore the rhetoric and watch their actions, to know they can never be trusted with power of any kind ever again or the country as you know it is over. O.V.E.R. With all we know due to the leaked emails by Seth Rich, who worked for the Democrat National Committee and was murdered … yes liberals, he was murdered … shot twice in the back and left for dead with wallet intact … it has now been confirmed he leaked over 44,000 emails to WikiLeaks [“oh, I was assured by the WaPo and NYT it was the Russians”!] … can you imagine the plundering of the country via Cankles & crew if she was elected?

While politics generally repulses me due to the hypocrisy, arrogance, smug attitudes, smarmy self-superiority complex, and basic delusional mindset of how the world works by people who think they know what’s best for you, when it spills over into markets you can’t totally ignore its manifestations. The problem is you don’t know whom to take seriously; for example, anytime professional Loons like Pelosi and/or Maxine Waters speaks, you can rest assured nobody is paying attention. However, moving up the political food chain, it’s sometimes tough to know what market reaction is going to be from people like Chuck U. Schumer, Ryan, or McConnell.

The other problem comes from the FED, and their near maniacal desire to crush VIX and keep their Over Lords [where they go to retire and make millions for doing absolutely Mr. jack Squat] happy with near dead markets that drift lazily higher. When the cork pops, like today, their efforts exacerbate the problem they say they want to eliminate; again, if you believe this line of bullshit, you probably believed in Obama’s “hope & change” tour and thought sea levels were dropping. Sorry, I can’t live in this dysfunctional delusional world without getting sick.

Turning to today’s market … can anybody see in the pre-market hours leading up to the open an increase in volatility? … Dow30 is all over the place, but as I said yesterday, the worst thing that can happen today if you want to see higher prices at the close and get rid of the downside action, is to have a lower open @ 9:30 that opens and “attempts” to go lower … the sharper & quicker [time] the better, and that “washout” sets the stage for a very good afternoon rally as shorts get caught and have to cover. We’ll see what happens here in an hour.

Well, here in the first half hour, the doofus, assclown institutions do what they do best, which practically every frickin’ day is “buy the New York open”! I swear, I have nothing but contempt for these chumps, cuz they have no clue what they’re doing … “oh wait … these are the ‘smartest people in the room’ Ivy League types, who when on the trading floor lost so much money they became contra indicators … no matter, these brilliant stock buyers have never seen a price they didn’t like and for the effort, equally doofus coastal types place trillions with these clowns to manage … is it any wonder people flock to ETF’s & index funds”?

My day did not start good; first, a mistaken buy fill when moving the order box. Of course, it went straight down from there “no problemo Nemo”; I would whine with my cheese, but “Bones” sums it up best directly below.

 

“I can be a Princess if I want to, OK?”

But, the problems are only beginning cuz now I have to deal with the scumbag LP’s in the Dow30, who now see a reason to screw every order cuz volatility has increased. To wit, 2 examples from today; the first directly below just seconds before a 50 point explosion to the upside, where the LP decides [cuz he knows what is about to happen] to “jack” the spread out to 4-5 index points from the normal 2.

So why do you suppose the dealer thinks he needs this extra protection via an increased spread right before a 23 point move in 1 second to the upside at 14:25 with no news pending? [EASY PEEZEE: “He knows something I don’t, and if I want to ‘play’, I got to pay”!]

And just when I’m dealing with this crap comes my market fill on a buy liquidation, where with the market at 68 bid and I hit “close position”, I get filled at 62. WTF is this? And because I thought we were all on the same team here, I suddenly feel betrayed like the kid below when he finds out the truth.

 

“Next thing you know somebody is gonna tell me markets are rigged!”

And through all of this, I’m even on the day, and here comes news that Comey testified to Congress under oath on May 3 [over 2 frickin’ weeks ago!], where video shows him saying nobody impeded anything at any time with regards Flynn. Ok, why isn’t the Dow30 and SP500 moving on this news? This was made public at 1:20 P.M.; it wasn’t until 33 minutes later the market started to jump … no signals of any kind, just a straight move up the “talking heads” assure us is from this news … am I living in some kind of alternate universe where it takes traders 33 minutes to figure out stuff like this? Seriously, I’m sitting here thinkin’, “why isn’t this stuff moving up on this”? And it’s got me spooked.

But here’s my questions: 1) why now in the early afternoon is this released, and 2) where the hell are the DEMS on this committee listening to this not telling the moronic idiots calling for Trump’s impeachment yesterday, “umm guys, I was at the hearing where he said under oath there was no pressure to impede the FBI, so maybe instead of putting your foot up your ass, you might want to “tone it down” a little cuz you are gonna embarrass yourself”. WHERE THE HELL ARE THESE PEOPLE?

“In my minds eye, this only proves the obvious; 1) this release was planned and coordinated from the get go to get people to sell into the rumor; then, when selling dried up, here comes the release of this video, otherwise why not release it when the rumor driven NYT had the “fake news” story of the month and it could have been used to drive it up their idiotic socialist asses, and markets would not have gone bat excrement crazy … but no no, don’t want to do that, and 2) I DON’T WANNA HEAR ONE DAMNED WORD FROM LIBERALS ABOUT MORALS, INTEGRITY, TRUTH, or what’s good for the country; all of you are scum. It’s a never ending shifting shit storm of false narratives, one day to the next, driven by the Soros sycophants in the MSM to distract & deflect away from the business of the country … all that matters is your socialist agenda and tearing the country down as it was intentionally founded… cuz if there’s one thing Libtards will and cannot tolerate, it’s a growing economy, reasonable and affordable health care, and less dependence on government. OTHERWISE, WHO NEEDS GOVERNMENT AND LIBERALS AT ALL? You simply cannot ever be trusted again with power.”

This day has been a total “clusterfark”, start to finish; problems everywhere I turned, but mostly from the “setup” of an opening in New York that immediately goes higher, then meanders to the afternoon until the “Comey News” drops, and then we get a “vapor rally” out of nowhere. Once the final shorts are cleaned out from this morning, time to take it lower until tomorrow, which has conveniently been happening since the high @ 2:32 P.M. in New York, all the way to the close.

Considering everything that happened today from stupidity [me, with the order box], outright theft by the LP on a market fill that was 6 points off the bid [“but don’t worry, we have the tightest spreads and deepest liquidity in the world! (what a bunch of bullshit)”], and the manipulative effects of the Comey news dropping this afternoon, that I’m sure “key people” knew of and positioned correctly for the rally, to be down 80 cents for the day is a major victory in my book, and I'll take it and go home. Tomorrow's another day.

PAMM/MAMM Spreadsheet directly below.

Time for the beach … the dog and I are outta here … until tomorrow.

Have a great day everybody!

-vegas

OUR TURNKEY FOREX  “PAMM/MAM”  IS NOW OPEN AND OPERATIONAL; SEE “PAMM/MAM MANAGED MONEY PROGRAM” IN “DOWNLOAD LINKS” SECTION IN RIGHT HAND COLUMN FOR DETAILS [VIEW ONLINE AND/OR DOWNLOAD] AND START YOUR JOURNEY FROM WHERE YOU ARE AT TO “ESCAPE TO SUCCESS”!