TGIF: SUMMER EDITION

“Yea, I’m with her!”

No health care reform; yawn. No tax reform; yawn. Problems in Russia, Pakistan, India, North Korea, & China; yawn. Amazon miss on earnings & guidance forward last night; yawn. So, how come stock indices aren’t about 2% lower on the day on all of this, and instead the Dow30 is sitting right up near all-time record highs above 21800? I don’t know, you’re asking the wrong person, cuz none of it makes any sense to me or any of the other thousands of trading professionals around the world, However, the difference between me and them? Well, I’m not dumb enough to sell it and hope like they do that it goes down, cuz I let the market tell me what to do, not my preconceived notions of what I think is gonna happen and why. But still, this is amazing to me, even with the manipulation behind the Dow30 and the SP500.

First the night before with everything going down, then early today a water main breaks in the house [honey, can you fix it now?], then after that, I get the classic “Flying Wedge of Death” [FWD] in the DAX30, with trading conditions in that market an absolute nightmare, right out of the starting gate; nothing but vicious spikes up and down taking it to new highs twice and new lows three times during the day at the “speed of light”, an LP that can’t decide which spread to use since it went between 0.6 and 4.6 multiple times, and finally the Dow30 which is so pathetic today, I’ve run out of things to say about it. TGIF!

Short blog today, cuz I’m tired, grumpy, and have spent to many hours watching pure bullshit fly by my screen; don’t forget Sunday I’ll have the “Quick Start” version 4 algorithm posted for viewing and/or download. Oh, and now, just to make things perfect, Microsoft Excel has decided not to work … I’ll have the PAMM spreadsheet up over the weekend … as for today, with the classic FWD showing up in the DAX30, I’m lucky to have lost only about $130 … it could have been far worse given the action, which was simply schizophrenic in nature; and as I have said many times before, it is the FWD that you must survive and not lose much. Many times, these turn out to be some of the greatest trading days a trader will ever have, even if he/she loses money. On the surface, it doesn’t make any sense, but it’s all about risk/reward, and reading the market when you are wrong and getting out with tiny losses. The FWD has a way of creating large losses multiple times, as many professional traders would tell you if you could talk to them.

Little less than an hour to the close, and the stupidity continues unabated; at some point here soon, this stuff is gonna get obliterated, and the FED has only itself to blame. But, just a quick comment before the weekend; the Dow30 & SP500 together, I have never in my trading career seen trading action this bad for this long; the ranges in New York border on “Christmas Eve” conditions for way too long. Everything comes via the “vapors” during the wee hours on the upside, and then New York is a frickin’ joke; no buying, no selling, just “protect & defend” what they stole during the night via the “Plunge Protection Team” [PPT]. Today, the Dow30 has been open 5 hours and the range extremes are about 25 points at the widest, with most of that 5 hours ± about 7 points from 21805. Throw in the scumbag LP, who is looking to add slippage to anything you do, and it’s almost “mission impossible” to be up money on anything; long or short makes no difference! And, in the SP500, conditions are worse. Really bad folks, really bad; if only the manipulators would go away. But, the weekend beckons, and Monday is a new week. Onward & Upward!

Time for the beach! … “the ice cream King” and I are outta here … until Sunday sometime.

Have a great weekend everybody!

-vegas

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