“The FED can fix everything!”
All eyes turn to J-hole now, awaiting the coma inducing speech tomorrow from FED
chair Spicoli, who’s singular achievement as FED chairman has been to make his
predecessors look absolutely brilliant by comparison … raise rates, cut rates, who
knows？... all we know for sure, is that ‘’danger is my business’’ … searching
through our vast archives, we found tape of our illustrious head Oracle in younger
days … wingin’ it then, so why not wing it now？... the link directly below, and note
the same steely intellect, wry smile, and voice inflection we see today … ‘’oh mi
amigos, the signs were all there for future greatness’’!
And who knew back then in those heady surfer days, our FED chairman could be
so prescient, so lucid & straight forward, and so ready to meet the challenges of
today’s world and guide us to prosperity … ‘’well, I know who I’m votin’ for come
2020’’!
Back to reality, and the Mrs. says I have to get out of bed now … looking at gold
here in the very early AM, it’s in a definite holding pattern, with both Asia & Europe
on a trading strike refusing to partake in anything remotely similar to a market,
instead preferring to pass the proverbial buck to New York, where you can expect
today to exhibit the ‘’strong force’’ of ‘’scumbaggery’’, just like yesterday’s multiple
fuck ups [oh wait, I forgot … duh, market conditions, duh], to hold sway over what
they used to call trading … we’ll see what happens.
Back in the real world, gold today getting buffeted by Pie Holes from every
direction … then comes the first tangible evidence of a U.S. slowdown with the
August PMI coming in at the worst level in about 10 years … the usual spikes from
hell in gold not helping, and the comments keep coming hot and heavy … trading
in this shit is a nightmare.
Gold makes new lows, then screams to the highs, then goes almost back to the
lows, and then recovers … given the news flow, I’m not sure anybody knows what
the hell is going on or who said what to take price up/down … all waiting for
tomorrow when Spicoli speaks, and brains freeze all over the world with the
simple thought of ‘’WTF’’？
And if it wasn’t for some earlier comments from the KC FED Pie Hole, and a trip to
the lows of the day, we’d have another inside day inside another one, wrapped
around another one, etc. … daily ranges continue to shrink mightily in gold, as
confusion reigns and most of the world is on vacation … can Spicoli’s comments
tomorrow give us some volatility, or are we destined to sit and sputter until after
the Labor Day weekend in SEPTEMBER？... asking for some friends of course.
Meanwhile, gold limps along today with the ‘’Flying Wedge of Death’’ [FWD] , so
far, making sure every long and short experience some pain in their trades … just
cuz it’s simple doesn’t mean it’s easy. Outside of August 13, when we had the $57
range clusterfark, the last 3 weeks have gone literally nowhere … if gold had a
heartbeat, it would have been declared dead already, that’s how bad trading action
has been.
We had our first real economic numbers out today indicating a recession on the
horizon, and the August flash PMI should have rallied gold strongly … there was
that first pop up, but after that it’s the slow death crawl lower by about $7, which is
a warning flag up the pole that all is not well … and we really haven’t rallied all that
much since then … where have all the buyers gone？... could it be the last spec
money is in and on the table？... hard to know, but it sure feels that way as I sit and
take in the action … and if Spicoli doesn’t deliver tomorrow, and it’s more
disappointment all around, and gold starts to go lower through 1495, there could
be massive trouble on a Friday … a distinct possibility given Spicoli’s track record
for putting his foot in his mouth, and saying one thing one day and then
completely contradicting himself the next time he opens his mouth.
Quite frankly, gold looks and feels tired up here above 1500 … it’s losing its punch
over the last 3 weeks, and as I said yesterday, quarter point rate cuts and more
bullshit from the Twits in the faculty lounge aren’t going to propel gold higher … if
we aren’t there yet, we’re ‘’Hoover Dam’’ close to at least a short term top … of
course, that doesn’t mean a big selloff, it simply means the rate of advance is more
than likely slowing … still way too many positioned longs in the spec retail space
for my liking, and they need to be culled out … I’m quite certain the scumbag
bullion dealer banks will help them out under 1490. Gold today is acting ‘’sick’’,
given the news flow … it should be rallying today and it isn’t, and that should be a
big red flag that maybe the market is over positioned to far long for its own good
… at least short term.
A few algorithm buy signals today … PAMM UP some bucks.
I will add, though, today’s trades not the way I traditionally look to make money
… if I had been more patient, we could have made some great bucks … instead of
listening to the market, though, my buys were off from where they should have
been … on the bright side, the liquidations were near ‘’Hoover Dam’’ near perfect
… in any event, money is money and it’s always good to be on the profit side.
The DOW30 is proving to be a very good algorithm market to trade, and GBPUSD
has finally woken up today on some Merkel ‘’Brexit’’ comments … Cable today
seeing some excellent algorithm buy/sell signals. Both Cousin It and Milton
Waddums preferring to trade the DOW30 to gold, cuz not only are there more
signals to trade, but also cuz it moves better.
Once we get past Labor Day in early September, if gold is still languishing and its
20 Day Range MA starts to contract [see Sunday updates], I’ll give the DOW30
more consideration for trades than now … gold trading action still looks good to
me, but it’s stumbling some here as of late … could be cuz it’s August and things
slow down naturally anyway, or it could be gold is stalling up here … whatevs … if
it gets worse, I’ll simply make the seamless switch … ditto with GBPUSD … not
gonna hang around and watch gold go back to shit ranges like we had before
June 1, and we were sub 1330, and we couldn’t get a buck move to save our lives.
Well, won’t tomorrow be interesting … my money is on Spicoli fucking up royally
and FUBAR-ing markets on mixed message comments during his speech at J-Hole
… if he has Q and A, it will be worse … we’ll see. I’m outta here early today, cuz I
want no part of the NY afternoon trade with Squid and the boys … too messy and
too many things that can go wrong.
Until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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