SPINNING TOPS & MARKETS

 

“Is it just me, or is everything spinning out of control?”

In the last 11 days of DOW30 trading [excluding today], it has fluctuated up 

& down violently, to the tune of approximately 30% of the value of the entire 

index … 600 - 700 point ranges common, with reversals, double reversals, and 

a triple reversal thrown in for the first time I have ever seen one. And it very 

much appears to me, the entire “house of cards” created by the morons at the 

FED, is on the verge of collapse. With trillions in ETF’s, ETN’s, risk parity 

funds, and options hedge funds, who’s gonna sop up the trillions in selling the 

FED has created over the last few years? … certainly not them.

The “Plunge Protection Team” [PPT] is only good for market rebounds after 

the selling, as they don’t absorb it on the way down … “well, what happens if 

one of these days, heavy selling doesn’t come back, but only gets worse? You think 

DOW30 down 700 points is bad? How about DOW30 down 1800+ with no bids in 

sight”? It all reminds me of a spinning top when it loses “energy”, and the 

totally chaotic path it then takes before, like “Humpty Dumpty”, it all falls 

down.  “Are we very close to that moment”?

Turning to today’s market … after Friday’s 700 point bloodbath to the 

downside, complete with the PPT ramping the DOW30 200 points up in the 

last hour, what makes more sense than seeing Sunday’s higher open go higher, 

and both Europe & the U.S. add another 500 points to the upside?  

“Wait … what”? 

And of course, no day would be complete without our scumbag LP bank’s 

messing with the spread during the NYSE day, to pad their accounts … “err 

wait, I’m sorry, “market conditions”, duh”! Directly below, just 2 examples 

from today, where if I wanted to, I could post 10 - 15. Bid in blue, offer in red.

 

 

Coming into the week, I had today penciled in as most likely a “wasted day”  

… not that something couldn’t happen, simply most likely it won’t, and end up 

the least volatile day of this week … a great day for chop and scumbag LP 

bank bullshit. No news anywhere today, and Xi speaks tonight in China, where 

Wall Street is totally apoplectic over the idea him & President Trump will kiss 

and make up, thus averting the dreaded “trade war” were not in says Larry 

Kudlow.

Only one trade today … PAMM up a few bucks shy of 0.1%.

Simply a rotten trading day, where from the Sunday night open, it’s been 

straight up the wall about 600+ points from the last hour of Friday … go figure. 

It wasn’t until 2 P.M. EST, the indices finally rolled over, and there’s no way, 

with the market up the entire day, I’m gonna step in and try and buy a last 

hour to two hour break … I don’t care what the setup looks like … and there 

you have it, cuz what I know, is that when it rolls over, by the time you see it on 

the chart, you’re toast … and all the wonderful M1 up green candlesticks don’t 

mean diddly when it starts to “Thelma & Louise” red on the way down … not 

only are the bids dropping, the scumbag LP’s are widening the spread so you 

can sell it “in the hole”. “Well, that was a nice 420+ point break out of nowhere 

that saw longs puking into the last hour … and the red M1 candlesticks on the 

way down were vicious … no chance of redemption if you’re caught, cuz they are 

gonna stick it to you”. That doesn’t mean you want to be short either, cuz the 

entire day has been on the upside, and every high up until that point, shorts got 

the market rammed up their noses.

The one trade I did make today, was the only really legit “Teacup Handle 

Turn” [THT] that wasn’t compromised by being 30 - 50+ points deep. Other 

than that, it was either straight up or straight down, with nothing in between 

… “you’re either getting squeezed from the long side, where the breaks come fast 

and vicious, or you’re getting the rally in your face that just keeps going up if 

you’re short … some choice”. 

How fast did that last half hour turn ugly, as the market puts in another huge 

reversal day, and a new low? Now you know why I refused to get long early 

this P.M., cuz when it turns, it turns with a vengeance, and I don’t much like 

getting caught.

In any event, tonight will be fireworks from China … by tomorrow’s open, 

we’re either gonna be up 300 or down 500 at some point. We’ll see what 

happens. I’m outta here … until tomorrow mi amigos … Onward & Upward!!

PAMM spreadsheet directly below.

 

Have a great day everybody!

-vegas

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