“Buy MOAR stocks … China says talks are ongoing!”
No matter the data, the 🙶idiot wagon🙷 stops and lets the masses onboard … no
greater Ponzi scheme than stocks, and you can for sure trust the ChiCom’s
🙶National Team🙷 and 🙶The Plunge Protection Team🙷 [PPT] here in the U.S. to prop
stocks up … how many times are they gonna use this prop of a 🙶China trade deal🙷
to justify stock gains? … how many thousands of DOW30 points have they juiced
the index up over the last 6 - 9 months? … and they are increasingly using it
almost every day … unreal.
Meanwhile, over in gold land, price there keeps marching ever higher, as IMHO
every last nickel of spec money pours in, all the while banks keep selling it to them
… we’re in the 15th week of this stampede, and while I have no clue where the top
is, right now FOMO [Fear Of Missing Out] is taking over spec psychology … and
somebody is gonna get hurt real bad in this, and history says it ain’t gonna be the
banks.
Outside of August 13th, there hasn’t been any kind of 🙶flush the toilet🙷 syndrome,
much needed to weed out spec longs from the futures markets, and as I’ve said, if
this shit doesn’t begin to work off some of this froth we’re seeing now, the end is
gonna be brutal and ugly for specs … trust me, the FED and the scumbag banks
will think of something, and quicker than you can say 🙶whoops🙷!, price goes
plummeting lower on some news item that changes the psychology … seen it
before, and will see it again.
I said yesterday that trading action was likely to be slow today unless there was
some Trump and/or China news … China apparently, needs some stock market
help, so they put out more BS [which is what they’re really good at] to extend the
dragging out process and make it look like the two sides are talking … you buy
this line of horseshit, and I got some prime beachfront property in Kansas to
show you … in any event, the HFT algos picked up on this, and bingo, bango,
BOOM! The DOW30 is up another 300 points … gold? … the believers [those who
think there will NEVER be another break in price] keep buying … somebody and
some market is lying, and come next week and into the FED meeting in
September, we’re gonna find out which one it is.
Don’t get me wrong … I’m as bullish on gold as anybody in the medium to long
term … but short term, there are way too many hangers on long futures for my
satisfaction to see further gains … certainly, that doesn’t mean Mr. Jack Squat to
the market, but remember this IS a market … and if the public is long [and they
are in spades], then that leaves the banks short … who ultimately wins this game?
… and right now gold needs to get cleaned out to remain healthy … if not, hide
the children when they come for the longs.
Well, that escalated quickly to the downside, didn’t it? … some days you simply
can’t make this shit up and have anybody sane believe you … here at 1740 server
time [1040 AM EST], gold takes a dump for $6 in under 2 minutes, and when
there’s no legit reason for it, you can assume it’s cuz the market is long … too
long … and when the nervousness starts, it doesn’t take much to get people to
start punching buttons and selling … of course, it cascades on itself, setting off
other sell stops, and let the downside fun begin … 🙶welcome to the stop hunt
frenzy🙷! At some point, though, when the FED is convinced gold has topped out
at least short term, expect the mysterious 100,000+ gold futures contracts to be
sold at the market, probably around 830 AM EST, give or take, and price plummets
before you can blink your eyes … it’s happened before, and it will surely happen
again … it’s their M.O. [modus operandi for you Obama voters tuning in late] and
message to the market.
Gold today having a tough time extending gains … and every trip to the low sees
more buying on the 🙶one off🙷 downward M1 spikes from hell … this is to be
somewhat expected, although it’s more than likely a trap up at these price levels
… I want to see multiple M1’s going down, with a hellish spike at the end, not
simply a one off that goes nowhere. So far, this is a pure grind lower, but under
1530 there is real danger … and while support looks to be at 1525, that can
evaporate quickly if stocks continue to advance, and some gold longs decide to
puke … that job will be made quicker with anything under 1528 … and if 1525
gives way, look the hell out on the downside if there’s any more positive news
that comes 🙶unexpectedly🙷 flowing out of the usual suspects … trouble is
brewing.
Well, that escalated quickly to the downside [for the second time today], didn’t it?
… from a technical perspective, gold in a little short term trouble here, especially
with the Asia high up at 1550 today … double top anyone? … the low as I write
was 1525.14 on a complete mystery tick … wouldn’t surprise me either way if today
or [more likely] tomorrow [tonight] sees 1525 give way, and then let’s see what kind
of sell stops are under that support level, and if selling can be maintained.
After 1 PM EST in NY, and oh boy, big stop levels beneath gold in play … don’t
want to touch this now with a ten foot pole … risk levels here if you’re bottom
picking gold have gone exponential … hopefully they can wait for tomorrow’s
action, but hey, who knows cuz this is gold … when the banks smell blood they
go for it, and it doesn’t matter much to them what time it is.
I was going to mention yesterday [but forgot] that our trading courses in our 3
markets will include algorithms for those people who like to position trade during
the week … not so much day trading [or scalping], but short term positioning
… so, there’s plenty here for everybody to digest and make money.
There isn’t any real bounce to gold, here in the PM of New York … pretty much
drifting near the lows of the day by a buck or two … in any event, with no decent
algo buy signals today so far, there isn’t any compelling reason to buy gold with
stocks as strong as they are and supporting further technical damage on the
charts … tomorrow I’ll be highlighting the DOW30, as we head into the Labor Day
weekend … until then mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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