DEATH VALLEY TRADING

“Welcome traders to the New York session! … we’ve been waiting for you!”

Trading in the U.S. session, and I don’t care what it is, you might as well be in

“Death Valley” and the scumbag LP’s are in charge of selling water … as I’ve said

before, the New York session is nothing more than a money laundering operation,

by banks, for banks, and it is by far the worst of the 3 major sessions when it

comes to 1) bid/offer pricing, 2) slippage, 3) stop hunts, and 4) overall major

“scumbaggery” … today proof positive nothing good comes out of New York no

matter what it is you trade, with maybe the exception of crude oil, but as far as the

precious metals and stock indices are concerned it’s a cruel joke.

I tried to warn Cousin It today about the DOW30, where the scumbag LP banks at

Turnkey have taken their toll with erratic pricing in the first hour of NYSE trading,

with bid/offer spreads seen between 1 & 7 index points … and, like magic, guess

what happens when you click the button and get filled 5 points off the market with

2 points slippage? … and then it starts to move against you and with about a 5

point “real” loss, it suddenly dawns on him he’s down 20 index points, thank you

very much may I have another sir? … he’s so effing mad he’s even thinking about

getting a haircut! … as I tried to tell him, “leave it alone”, but no … welcome to

New York Cousin It!!

Gold is even worse … the mis-pricing here is outrageous, and like everything else,

when it starts to move the Turnkey scumbag LP’s feel the need to “jack” the

spread higher … oh wait, that’s right I forgot … “duh market conditions, duh!”

… crooks & thieves top to bottom … what’s the difference between this and some

Bozo sticking a gun in your face at a 7-11 and telling you to empty your wallet?

… sorry, I don’t see the difference … EXIT QUESTION: “How come we don’t get

this in Asia or early Europe”? … as I told Cousin It after he settled down, “thanks

for paying somebody’s mistress fund next week … hey, they got expenses … you

don’t want them to go without do you? … maybe now you’ll listen up and pay

attention to market conditions so it doesn’t happen again … maybe”.

The problem is twofold: 1) Turnkey’s LP’s are terrible at pricing, and 2) the New

York session generally is a license to steal … combine them, throw in a little

volatility, and it’s a toxic brew for specs to swallow and come out ahead … and

sadly, that’s the truth.

For not really anything happening today, the pricing since I came in around 6 AM

EST is/was terrible … the spikes, the gaps, the sudden widening of bid/offer

spreads, and of course the awful slippage … it’s been awhile since Cousin It got

an education in spreads & slippage, but today opened his eyes quite wide … chat

conversations and emails aside, nobody here is happy about the way Turnkey is

managing its brokerage house or its LP’s, and the pricing and trading conditions

simply awful … and we spent most of the day telling them about it. Nobody is here

to hand them free money … nobody.

Good news may be on the brokerage house horizon, though, although I need

another trading day for verification … I trust nobody in this business from the

brokerage house perspective … nobody … been lied to way too many times

… we’ll see tomorrow and I’ll have more then. One thing I can tell you, though, is

I’ve F-ING had it with the usual suspects, who somehow think it’s their inherent

right to pick our pockets … I’m not looking for special favors or pricing … I’m

looking to be treated fairly with consistently stable pricing that isn’t an insult to

my intelligence … I think I’ve found it, but I’ll know more tomorrow mi amigos.

Gold today an absolute disaster in terms of trading conditions … spikes from hell

all over the place, and I can’t remember the last time with no news to speak of,

that slippage was this bad … Cousin It can tell you all about it, as he got ripped

50 cents & 70 cents per OZ. on 2 orders that immediately put him behind the

8 ball, not to mention the clipping he got when he went to get out on the spike up

and got hosed 30 cents+ each time … meanwhile the DAX30 is D.E.A.D., and Cable

in a 25 PIP range for the last 9 hours … but of course, I can trade the DOW30 and

get wonderful 1 - 7 index point fills PLUS slippage if I click the buttons there

… “WTF is this”? … as Cousin It said, “why don’t I just drive down the highway

and throw $100 bills out the effing window? … what would be the difference”?

I have been loathe to trade Asia & early Europe in our markets … increasingly,

though, the action is better and the trading conditions are far superior than the

shit we see in New York on a daily basis … like I said, it’s nothing more than a

money laundering operation by banks … the action is terrible, the slippage worse,

and the pricing is a daily nightmare. Tonight sees me in Asia & early Europe

following algorithm signals … screw New York.

Sadly, although there were some algorithm signals today, I was busy screaming at

Turnkey for being a bucket shop … the time for talking with them is over, cuz they

NEVER listen anyway … what’s the point? … the only good thing to come out of it,

is that there were 2 of us giving them the business … tomorrow’s another day

… it would be nice if I could just concentrate on signals and not have to deal with

this shit, but they are who they are, and if you don’t call them on it, it only gets

worse and more brazen each time … sorry, can’t let that happen … let’s hope

tomorrow is better … until then mi amigos … Onward & Upward!!

Have a great day everybody!  

-vegas