“Obviously, you belong in government, or at the very least the FED!”
Another Friday dawns, it’s August, and folks everywhere hit the beach or the
country house, with not a care in the world … “Everything Is F-ing Awesome
Baby!”, we’re assured by Oracles at the Eccles building, and markets are a
“slam dunk” to hit new all time highs and continue higher from there to
infinity … OMG, it’s good to be a gangsta!
Never mind the literal litany of problems boiling beneath the surface, that the
Coastal Elites assume you’re too stupid to understand or even think about
… e.g., the political scene in the U.S. getting uglier every frickin’ day, Turkey
and emerging Markets [EM] in general via their currencies, Russia getting
more than a little pissed off at being told it’s the world’s “bogeyman”, China
trade war, and last but not least, the U.S. dollar rocketing higher and choking
American business exports. Not to worry, stocks just cannot go lower
don’tchaknow!
Until they do, of course, and leave “Ma & Pa” stuck, wondering just where the
hell is the “Plunge Protection Team” [PPT] when you need them … well, they
aren’t there to “sop up” selling, they’re only there to rally the train wreck after
the fall and thereby punish those that are short or sold out … the last thing
they care about is “Ma & Pa” … all that matters is the perception of 1) no
panic, 2) stocks are great, & 3) now don’t you feel foolish for having sold?
Turning to today’s NDX100 … just too many problems to overcome overnight
to keep stocks higher for the 9th day in a row … the last 3 - 4 days not seeing
much of a gain, but higher nonetheless each day by a few points … U.S. Dollar
rocketing against EURUSD & GBPUSD, and most notably the Turkish Lira
[USDTRY], and is the primary driver, with not much news out of China last
night. That leaves us with a market badly in need of long liquidation before the
weekend … question is, after the open of the NYSE where most likely we’ll see
some selling, is there any left after the first rally off the low? We’re about to
find out.
And while the global economy goes to hell in a handbasket, the PPT & the SNB
are there at the open to assure all that, “Everything Is F-ing Awesome Baby!”,
and then again to “protect & defend” the 7400 level. Never mind the entire
F-ing world is literally falling apart all around … Euroland, the bumbling
U.K., Turkey, & China to name just the top of the list … but don’t worry, that
EM [Emerging Market] meltdown in EM ETF’s, is simply a bad coincidence.
And as the headline from ZH suggests, there is no liquidity or market for
anything EM at the moment … the link directly below.
markets-collapse-turkey-tantrum-spread
Now, simply replace EM with NASDAQ, and you can get an idea where this is
headed in the future … not today, cuz the FED, the PPT, & SNB aren’t gonna
let it happen before the midterm elections … but … but, if the idiot “R’s” lose
the House and/or the Senate, come back to this blog post after November and
read it & weep.
Today’s NDX100 market action, classic manipulation for the desired policy
response … which of course is, “hey, we don’t want any weekend headlines
talking about an EM massacre right along with stocks … most “Ma & Pa’s”
don’t give a shit about EM, but they do care about NDX100 & SP500, so we have
to do what is necessary to preserve the illusion [more like delusion] that a little
“profit taking” is normal and healthy, and that this whole EM “thing” is nothing
to worry your little head over … meanwhile, the fucking world burns”! Dr.
Goebbels, please call your office, or pick up the white courtesy phone!
And with all that, the NDX100 can only barely put in a 50 point range
… seriously, WTF. Not surprising given the overt manipulation, but the rotten
news isn’t just some minor headline that can be ignored … no matter, the
manipulators simply got to maintain the illusion … it’s all they got. The only
question that remains everyday to the midterms is simply, “Do they back away
some today or overtly manipulate it higher”? That’s the only question that
matters.
Only one trade today … PAMM up slightly, about $70.
It’s Friday, the range I anticipated would be small up until the Turkey
clusterfark, so up and until the market can show me a daily range close to or
above the 20 Day Range MA, volumes will be light … and given the action, it’s
been the right decision … after seeing NDX100 up 8 days in a row, I don’t
think holding longs for a nice run up is there … and so, taking the only cue for
a trade that made sense, I captured one of the rallies … none of the others
make sense given the range and the fact it can’t really rally or break with
significance … that only leaves chop & the scumbag LP’s with the “slippage
meter” on DEFCON1 again today … some of the ticks I’ve seen today for
bid/offer have been atrocious.
Going forward into next week, I’m pretty sure Monday’s action is the key day;
if they can’t break 7400 on the downside, it opens the trade up to new all time
highs later in the week … the last thing the manipulators want is for the public
to see a “double top” on the daily charts and then turn their attention to sell.
And with that, I’m outta here a little early today, simply cuz the market is in
bulllshit chop with high voltage slippage from the usual suspects, and there’s
no way I’m getting caught in anything during the last couple of hours on a
Friday in August … we’ll deal with this crap next week.
Sunday night sees the PAMM Spreadsheet updated [“I’ve been to rehab for LP
anger management, so I’m OK now".], along with a special blog post. Until then
mi amigos … Onward & Upward!!
Have a great weekend everybody!!
-vegas
OUR TURNKEY FOREX “PAMM/MAM” IS NOW OPEN AND
OPERATIONAL; SEE “PAMM/MAM MONEY PROGRAM” IN
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