“Yup, it’s one of those days again!”
NYSE session hasn’t been open an hour, and already the DOW30 has had 2 stop
hunts, the second the most egregious on some “China trade deal” bullshit,
where a meeting hosted by Chile in November has been cancelled that both
Trump & Xi were supposed to sign “Phase 1” of the deal … and again, for the
umpteenth thousandth time in the last year, traders get whipsawed on ChiCom
vapors … and of course, our friendly LP’s who make markets in everything are
quick to screw over sell stops like they are roadkill.
But, all this will be forgotten later today when the Twits at the Eccles building cut
interest rates again … don’t forget, they have to get them negative by 2024, so the
FED can have QE99 and don’t ever have to pay borrowed money back … until
2 PM EST, expect the same “circus shitshow” from trading, we saw in the first
hour. This is one of those days where nothing means anything … all banks are
going to do is chop this shit around and bleed you … this day is nothing but
“noise” until the Twits show up … the real money will show up at 2 PM EST.
And we waited the last 2 days for this? … good grief what a bunch of warm spit
… post FED, & now Spicoli presser, it’s pretty much “dishwater for drinking” from
the markets … DOW30 bobbing up/down with ZERO direction and/or purpose
… in other words, it was a “hawkish cut” from the FED. Now in the last hour of
trading up near the high for the day, it’s a slow crawl higher I want nothing to do
with … “let the Ponzi scheme go higher into the close”, I could care less, cuz I
don’t buy rallies … we’ll pick it up tomorrow.
In other markets, gold has decided its immediate future has nowhere to go on
the upside, and it’s on its low for the day around 1480 … the potential for future
rate cuts from here, is decidedly low, and unless economic disaster comes
quickly, gold has no place to go but down in the short term.
Well, the good news is this is out of the way and maybe trading can return to
some semblance of normalcy going forward … I don’t see how it can get worse
… this was a non event and a wasted day … ho hum, it is what it is … until
tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
No comments:
Post a Comment