“That kind of thinking finds you trading gold!”
As you can see below from the charts, nothing new in gold, as it continues to
scrape the bottom of the barrel, in terms of trading action … a slight blimp up
in the daily, thanks to Europe cuz Asia has literally died, but the action in New
York has reached levels that are almost terminal. And the dirty little secret, is
that in the last 20 trading days, take out 2 that were from the FED, and another
2 days from China tariff news, and your left with the average New York range
just a few pennies above $6 … in any event, directly below gold and the SP500
for correlation purposes.
click to enlarge ALL
The SP500 ends the year with the highest volatility seen in years, and as I
mentioned last week, other markets are flying while gold dies … what happens
when FX and/or stock indices settle down? … where does gold go then?
… what shell does it climb into and literally die? … maybe I’m all wrong, but it
sure feels and looks to me like this market is in a “death spiral”, and when the
current small upturn turns into shit, wherever it goes down to, it stays there for
a helluva long time … “basically you’re looking at the silver debacle unfold in
gold, where customers desert the market, spreads balloon, ranges move inward,
and nobody gives a shit about trading it ever again” … oh sure, there’s a
“market”, but it’s not a trading market, and I’m thinking 2019 doesn’t see
much hope as we move into the new year … hope I’m wrong, but we’ll see.
In addition to the gold & SP500 charts above, over on the traderzoocrude
under “Download Links”, are the 14 most volatile markets 20 Day Range MA’s
for 2018 … about the only thing more boring than gold right now is Copper.
Onto New Year’s Eve … let’s see how this clusterfark of a day turns out. Until
tomorrow mi amigos … Onward & Upward!!
Have a great rest of your weekend everybody!!
-vegas
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