“All is NOT calm in the financial ocean!”
We may be smack dab in the eye of a financial hurricane … things appear to have
calmed down going into the middle of the week before Labor Day weekend … but
come September, and then into October, events are likely to spin out of control
… where that takes us via 🙶Brexit🙷 and GBPUSD, the DOW30, and finally gold, I
haven’t a clue … but from where I sit, it’s likely to be very disruptive and messy.
Overnight sees light flows from Asia, where the 🙶Chuckleheads🙷 still can’t get
enough gold, no matter the price, and then onto Europe where it sells off quickly
and we’ve moved sideways for 3 hours … New York coming in as the sun rises,
and we sit at 1530-ish … where will the spikes from hell come from today?
Today sees gold go higher in fits, right along INVERSELY tick-for-tick with the
DOW30 … what amazes me about gold today, is that after yesterday’s solid
rejection of the Asia move higher by some $30, and market closing the day right
near its low, once the new day opened it was simply go higher right from the get
go … literally no selling pressure in gold now, except off of highs, for the 15th
week running.
And I’m just tellin’ you, that if gold doesn’t start backing off continually moving
higher, that wherever it ends, it’s gonna be ugly … very ugly … quite frankly, I’m
becoming alarmed at the moves higher and how violent they are becoming as
everybody and their brother piles into the metal at higher and higher price going
on 15 weeks … if it wasn’t for one week that saw the tiniest of moves lower, it
would be a record for sure for consecutive weekly gains … and it’s starting to get
out of hand … cuz when it ends, and it will trust me, the scumbag banks and their
BFF the FED will inflict as much pain as humanly possible on the spec community,
in as short of time frame as possible, making an entire generation of new traders
swear off gold and trading forever, the losses will be so severe … and if they don’t
start giving this shit a rest, and cleaning out some of the longs via their sell stops,
it will redefine the word ugly … I wouldn’t be surprised to see $100+ losses for
gold in a day … we’re not quite there yet, but we’re on the path.
One algorithm buy signal today … PAMM UP a few bucks.
Disappointing trading action got me out way too early … it looked like a good
decision for about 10 minutes, but then the DOW30 got walloped to the downside,
and gold took off leaving us standing at the train station … quite frankly, I’d feel a
lot more comfortable in gold if there were more two way action, rather than simply
price explosions that get sold off and then moves sideways for hours on end,
rinse and repeat for 15 weeks straight.
European trade today was very disappointing and choppy … August being the
month of the year Europe loves to vacation, especially the financial community, it
doesn’t surprise me action has slowed into next week … we’ll see what tomorrow
brings … and if by chance you don’t see a blog post tomorrow, it’s cuz a tropical
storm / hurricane is passing through the Caribbean on its way to the U.S. … oh
boy, it’s that time of year … until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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