“There for a second, I was wondering if I could make it!”
I have a “I don’t wanna look at this” attitude when I open my screen for
trading today … after seeing both “FAANG” darlings Alphabet & Amazon get
“monkey hammered” after the close yesterday with disappointing guidance
going forward in revenue streams & earnings, I’m wondering just what
mischief Mrs. Wantanabe & Gal Pals, along with various other
“Chuckleheads” in the Asian & early European sessions are gonna do, that can
go straight to the dictionary and be defined as “stupid shit” … “well, I kind of
figured they would attempt, at some point, to bid price higher … at least they
haven’t broken 1240 and made absolute fools of themselves”.
Making money trading gold is all about two [2] things and 2 things only
… “fear & greed” … other than that it’s all bullshit. How the market is
positioned, who’s long and who’s short and by how much, and where are the
stops for the bullion dealers to run and have fun with, just like their currency
FX cousins … and all this wrapped up in a nice package is simply
“fear & greed” at work.
At the moment, I sense a change in the force regarding gold … gone is the
“sell it and walk away” attitude when the U.S. Dollar was inching higher every
day, and some days it very much seemed like gold would never have an up tick
ever again … however, just cuz the “sell at all costs cuz it’s going lower” attitude
is gone from the market, doesn’t mean it has to rally … “it can sit here a while
and drive traders absolutely fucking nuts … one thing for sure you can count on,
though, is that gold will clean out longs before any substantial trip higher … it
will get people short, it will trip off sell stops, and in general frustrate the trading
community to no end … it gets the Mrs. Wantanabe types long at the tops and
short at the bottoms, cuz it looks so “Hoover Dam” good at the top, and at the
bottom it looks worse than dog shit”!… and then in seconds and/or minutes it
reverses and leaves traders in its wake.
And right now, since practically everybody can and does look at charts, the
retail spec community has flipped sides and is long … over the history of gold,
at various times, the retail spec community as a collective whole, has been right
about the trend … however, again as a collective, they tend to overstay their
welcome and end up getting clobbered by the commercials more often than not
… everybody is long gold now from October 11th … does everybody get a
chance to sell the top? … are all these longs gonna make money? … OR, is it
more likely many of them eventually get stopped out on stocks rallying some
day here soon? … cuz unless somebody can break the “Great Bullion Wall of
Selling”, currently at 1238 - 1240, and do it with conviction, don’t be surprised
to see gold muddle along through the midterm elections.
What this boils down to is simple: “you can’t buy rallies and/or sell breaks and
expect to make money in gold … whatever your strategy or time frame for trading,
you have to be “contra-trend” in order to win … and just like a casino, there are
times your bad habits will allow you to win, but too many people mistake pure
dumb luck with trading genius, and can’t tell the difference between the two
… and that ends up getting you “ground down” into dust”. We may yet see gold
vault 1240 … don’t know, don’t care … I don’t care if gold is at 300 or 3000
… from a trading perspective, you simply can’t chase price!
Turning to today’s gold market … again, it’s about the meltdown in stocks, but
I would caution the trading world about “living & dying” gold tick-for-tick with
the SP500 … all that correlation is gonna do is fuck you and create losses.
And as I write, what better example than what just occurred in gold at 13:37
server time [6:37 AM EST], when out of nowhere the scumbag bullion dealers
wiped somebody out with some sell stops down to 1233.20, before rallying it
straight back up $3 … “all I can say is, the dealers must want to play golf later
this morning, so why not fuck everybody with sell stops who are long, and just get
it over and done with … why should we have to wait ‘till later to screw you?
… we’ll just do it now so we can catch our 11 AM tee time! … of course, the
clueless Twits in the financial MSM will never report this, and you ain’t ever
gonna hear this from them, but having stood in trading pits for years, I can tell
you flat out, something like this is the reason behind the move … the public can
never know the truth … they can’t handle the truth”!
“That large gold sell stop? … WTF was I thinkin’!?”
It’s gonna be interesting to see how weekend positioning plays out today … who
is most scared of price going against them at the moment, longs or shorts? If
stocks tank, which is more than plausible, does that mean gold rallies, and is
there enough “oommph!” to get it over the 1240 hurdle? We’re about to find
out!
“Well, didn’t that escalate quickly”? Quite frankly, it’s hard to see any winners
today in this trading mess … outside of the 8 minute buy stop stampede that
took price up about $6.50, which came out of nowhere and half of which came
in less than a second, the rest of the day was complete shit … and I do mean
complete shit.
No trades today for the PAMM or C2, cuz we got no buy signals.
The entire day boiled down to 8 minutes … unless you were long when it
happened, and there was no reason to be, there wasn’t anything else on the
buy side but tiny retracements that didn’t produce any signals … stocks all
over the place and gold farts around until the explosion … and when it was
over and the bodies counted among the shorts, the rest of the day was lower,
capped off by the “Thelma & Louise” trip back to the low on panic selling
when the SP500 hit new highs for the day … time to pick up all the bodies from
the long side … all in all, just another in a string of “Flying Wedge of Death”
[FWD] days we seem not to be able to escape.
Right now going into the close, unless something miraculous happens, gold has
a big problem into next week … “it can’t close the deal!” … 9 days in a row it
can’t maintain a rally, and today looks like “one foot in the grave, and the other
on a banana peel”. And quite frankly, counting on the SP500 continuing to
drop 50 -100 handles a day, just so gold can rally a few bucks, is not a strategy
for buying I want to embrace … this market looks to be heavily long at the
moment, and it’s not closing where it needs to close to keep the bullish
enthusiasm going into next week. Three [3] times today, scumbag bullion
banks scammed the market [“oh wait … I forgot … duh, market conditions,
duh”] with complete “mystery tick” highs [once], and worse “mystery tick” lows
[twice] … disgraceful, when all you see is the print $1.50 lower and then the
price bid $2 higher within 1 second … fucking scumbags, but we already knew
that, so meh.
On Sunday night, I’ll have a special blog post on gold you won’t want to miss
… this is an important post, so make sure you come back on Sunday night and
check out the info I’ll have for you.
All told, I’m a little disappointed in no buy signals today … in hindsight,
though, the algorithm kept me out of trouble, and money saved is money
earned … it looked like shit, then it looked great, then it looked like it was
going to zero, then rallied a bit … at 7AM gold was 1236.38 bid; now at 3PM,
gold is currently, 1235.23 bid … a whopping $1.15 lower, but the key here is, it
ain’t higher now is it? … again we see, when the “Chuckleheads”, right along
with Mrs. Wantanabe & Gal Pals, bid it up, New York finds a way to take it
down … it didn’t look like that earlier, but they find a way … “why should
today be any different”!
I’m outta here … until Sunday night mi amigos, with an important blog post
… Onward & Upward!!
PAMM Spreadsheet directly below.
click to enlarge
Have a great weekend everybody!!
-vegas
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