“It looks like the FX Jet is gonna be grounded for a while longer!”
Employment report comes & goes in Britain … nobody cared. Quite frankly,
“Brexit” or “Schmexit”, you got to go way back on the charts to find a similar
“dead spot” for Cable … in many respects this complete lack of intraday
volatility is unprecedented in modern trading, and it doesn’t look like
anything is on the horizon that’s gonna change that … FX is in paralysis. Of
course, something will eventually take hold and run but who knows when?
… it sure as hell ain’t gonna be this week, going into the Easter Holiday.
Gold for its part, dancing with 1280 and sucking in longs each and every time
it bounces … only, every time it bounces, the cat doesn’t bounce as high as the
last time, and it feels like a foregone conclusion that at some point when the
scumbag bullion dealers feel every last nickel of spec money has been placed
into long positions, they’ll quickly & forcefully “monkey hammer” it below
1280 for the sell stops which are surely underneath that price level. To be
blunt, gold is not acting very well and still feels heavy, and it doesn’t help
that there is zilch for volume & liquidity … and if you think it’s bad now, any
break of the 1280 - 1276 level is only going to make matters worse. A whole
relatively new generation of gold traders are about to abandon this market in
droves … last time things got this bad, gold went into a 20 year hiatus of
nothingness [1982 - 2002].
“Well, that escalated quickly to the downside in gold, didn’t it”? … and of
course, it was helped along exactly at 8:30 AM EST, by the “fat finger” of
manipulation, the “Rally Protection Team” [RPT] as 11,000 gold futures
contracts were dumped at the market to break the 1280 barrier … “nothing
like honest markets, huh”?
And I guess, file this under wanting to stay relevant this week, a few minutes
after the gold “fat finger” debacle, Labor’s Corbyn spouts off on “Brexit”
[coincidence?], Cable dumps about 25 - 30 PIPS immediately, and after
running some sell stops, Cable is right back to where we were earlier … still,
the range sucks and there’s no interest in the market as well … “in essence,
we got a market and nobody is coming to the party”!
With the Corbyn news, Cable trading slightly better today than yesterday, but
that bar is so low it doesn’t mean much … looking at the daily candlestick
chart, the last six [6] consecutive days [including today] have been range
disasters, and today is no different … hell, I’ve seen corn spread ranges bigger
than Cable recently, and the back & forth above every buy/sell indicator
known to man simply jerks specs around and favors the scumbag LP’s, who
are only too happy to sell you the top and then later buy from you at the
bottom, on every 5 - 10 PIP move this shit makes as it goes NOWHERE.
Here in the New York afternoon, with today’s downside debacle in gold, unless
it rebounds very strongly quickly [doubt it], my guess is gold is done for the
year … we’re starting seasonals in gold that aren’t good through August, and
if the FED isn’t gonna cut rates anymore, but take a wait & see attitude on the
economy, and with China’s massive QE stimulus attempting to jump start
things there, it’s looking more & more like the rate cuts factored into interest
rates in December, are now a distant memory … and with it go gold’s chances
of any sustained advance in price … could be wrong, hope I’m wrong, but it
doesn’t look good for gold going forward, and right now 1350+ looks like a
delusional dream. And don’t forget, take another batch of customers that
have been flushed down the precious metals toilet … they aren’t gonna be
coming back.
And in Cable, it’s very much a question of, “what the hell do I do now”?, cuz
there are so many things up in the air right now that impact price, everybody
that trades it is in a state of paralysis … mini panic up, and then 10 minutes
later mini panic down … throw in impossibly tight ranges and the “Flying
Wedge of Death” [FWD] just for shits & giggles from the scumbag LP’s, and
you got a market, that under these conditions, is “Hoover Dam” near
impossible to trade … you risk dollars to make pennies. Sure, eventually
things return to normal, but in the meantime you run the risk of getting
beaten up every day trying to catch something … “the only thing you catch
after Europe closes in FX, when you decide to trade New York afternoons, is a
punch in the face”!
A ton of economic reports out tomorrow, so maybe we can get some life in
Cable before the week is out, and possibly break the stalemate the market
finds itself in … maybe. As for gold, it’s dead IMHO … it’s been “silverized”,
and with this latest clusterfark to the downside, another batch of gold traders
bite the dust, making things in this complex even worse than before … it’s
gonna take a lot to repair gold and make it viable … right now, I don’t see
that happening anytime soon … maybe later in the year, but certainly not
right now … until tomorrow mi amigos … Onward & Upward!!
-vegas
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