“When is the market episode we’re in stop!”
The only thing good that has happened in these last weeks, is that the world
finally gets to see the gold market laid bare for its corruption, price gouging,
manipulation, and now near bankruptcy … the downside of course, is that the
market is gone … “hey JPM, HSBC, Citibank, and the rest of you scum in the
LBMA, you’re supposed to be “liquidity providers”, so how is it you can’t?
… crickets”! ...how anybody ever trades XAUUSD again is beyond me after this
week’s shenanigans … for an up close & in depth look at the complete bullshit
that is COMEX & the LBMA, and the lengths they continue to go through to
manipulate gold, directly below a link to an article by our friends at Bullion Star.
But, the new “normal” isn’t confined to simply gold … FX has been blown apart
at the seams … the global dollar shortage has driven swap markets bananas,
and therefore increased dramatically the cost of carry for most FX … you see
this in the FX non dollar crosses, where pairs like GBPAUD, which before SHTF
had a bid/offer spread of about 2 ½ PIPS … today it’s at about 11 PIPS, down from
in the high 30’s to low 40’s area at the start of this week … I said yesterday, and I’ll
say it again today, I’m not trading Cable with a 4 - 5 PIP spread, in a market
environment that can move 20 - 30 PIPS in seconds, or sit and die for hours with
a 7 PIP range … all that ends up happening is that the scumbag bank LP’s bleed
you to death with slippage on stop runs … eventually this dies down, but who
knows when?
“Stock Bellies” started the week in horrific fashion, but have stabilized to the
point where at least I can trade the FTSE100 with a bid/offer spread only about ½
index point difference from before … the DAX30, totally FUBAR and
unrecognizable, right along with the U.S. indices … and what we’re seeing is
either straight panic, “Thelma & Louise” to the downside, OR straight FOMO
panic to the upside … very little in between, driven by POLS & Apparatchiks PIE
HOLES … is this “normal”? … hell no! … can this continue? … hell yes! … but
what you have to remember and keep in mind, is that eventually everything
“stupid shit” has to happen, and in the process it traps those who create &
maintain illogical, idiotic trading behavior that leads to ruin … and buying
screaming rallies or selling free falling prices, while at times produce desired
results, eventually will ruin every trader that adopts the practice … don’t believe
me? … then do it, and a year from now email me about life back in the “Pudding
Business”.
Well, that escalated quickly to the upside, didn’t … as per usual these days,
everything happens within minutes, and the rest of the day is shit … why should
today be any different? … seriously, what’s the difference between back month
pork bellies and stock indices? … back month bellies are more honest & have
more liquidity … a bigger “shitshow circus” every frickin’ day you won’t find
anywhere, now that gold is “KAPUT!”, with the usual suspects manipulating the
shit out of futures to get price higher … EXIT QUESTION: “next crisis, whenever
that is, what’s the price tag gonna be to bail out globalist elitists? … trillions or
quadrillions”?
Just another day in a long line of government manipulation days, where throwing
trillions upon trillions of dollars up against the wall to see what sticks, here today
we finally have the “coup de grace” of bullshit for all to see … what a fucking joke
… “why call any of this “trading”? … pick me a market where the government
isn’t propping the shit out of it … 244 years the U.S. has been alive and kicking,
and in ONE FUCKING MONTH the national debt is set to go higher by over 20%!
… great, glad I’m alive now and have seen this country’s best days, cuz future
generations won’t be so lucky … this is embarrassing … “stock bellies” behaving
like every coronavirus case just disappeared, and “Everything Is F-ing Awesome,
Baby!”, until of course it ain’t again, but that’s for another crisis, cuz this one is
over! … new all time recorder-er-er-er highs in all the “stock belly” indices by
Labor Day, just in time for the election … “gosh what a coincidence that would be,
huh”? … but in your delusional “giddyupness”, remember that next time, there
won’t be any getting out at any price cuz the game will be over.
I’ve seen lots of things in my professional trading career, but the last few weeks
take the frickin’ cake, and today’s “buy everything”!!!, is more FOMO than a
human can take … sheer stupidity … and while yesterday I warned readers about
Cable [GBPUSD], and one look at today’s M1’s will prove my point, it isn’t much
better in most everything else … only a few markets remain “viable”, meaning
they have somewhat reasonable bid/offer spreads … 90%+ have seen spreads
blown to shit, and when you throw in slippage, which becomes a real problem
when SHTF, you got a trading cocktail that ain’t in your favor … get on the wrong
side of one of these moving the wrong way quickly, and you’ll discover pain faster
than a hammer on your thumb in 3 … 2 … 1.
About the only market that is quiet today is crude oil, if you can call a $2 per barrel
loss quiet … basically that market has been left for dead … financial roadkill if
you will … and still places like Turnkey have LP’s quoting an oil spread as I write
of 8 cents per barrel … “sure, why don’t I pay 5%+ of the days range as a spread,
throw in commissions, and don’t forget slippage, and all oil has to do is move 13
cents and I break even”? … WTF.
Back in the saddle, one decent FTSE100 algo buy signal … TURNKEY
PAMM / MAM UP 0.1%
All night from the Asain open, stocks were sold lower, in one of those “drip, drip,
let’s bleed you to death one drop at a time” kind of market moves … and then at
the European open, here comes Santa Claus to the rescue, as the ECB opens the
money spigot and buys bonds of all sorts across the board, and intervenes like a
bull in a china shop … thank you for that 2 minute clusterfark … and then it’s on
to the NYSE open, where all hell breaks loose right from the opening bell, and it’s
“to the moon Alice” … quite frankly, I was happy to exit where I did, and for about
45 seconds I played the part of genius trader, and then everything exploded
higher like a nuclear weapon went off … and from there to the Gotham P.M., there
weren’t any breaks to buy … you either bought the rally or you sat on your hands
… of course, I sat on my hands cuz I don’t buy rallies … meh … thought coming
into the session today there’d be some good signals … right, there was one, and
that’s it … but no matter … welcome to the world of psycho trading.
Now here in the Gotham mid afternoon, the bid/offer spread in the FTSE100 has
just doubled … adios ‘till the European open!… until tomorrow mi amigos
… Onward & Upward!!
Have a great day everybody!
-vegas
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