“Nothing like buying the top, right?!”
Did Warren Buffett just buy the top in gold? … granted, he bought a bunch of stock
in Barrick, and not the bullion, but for a guy who’s been poo poohing gold for
decades, and calling people stupid for owning it at far lower price than it is now,
you just have to wonder if he’s the last guy aboard the “gold train” to nowhere
… time will tell of course, but IMHO everybody who wants to be long gold IS
ALREADY LONG GOLD, and over the short term it’s got no place to go but lower
… throw in record spec longs in EURUSD futures, and I’m pretty sure he doesn’t
like the company he’s keeping.
And with the utter euphoria sweeping FX these days, over these weeks to the
election in November might be rougher trading waters than a whole lot of people
expected to see … amazing how this coincidence works, where specs get long
& banks get short, and then the longs can’t figure out what went wrong.
Well, welcome to FX! … where you can’t get a down tick to save your life,
convincing you price will never go lower again … “presto, watch me pull a rabbit
out of my hat”! … and then just as quickly you can’t get an uptick to save your
life convincing you price will never, ever rally again … evahhhhhhhhh! … and so
the cycle goes killing accounts along the way with impunity … and until you
figure out order flow along with how the banks are positioned, all the news
headlines in the world won’t save you.
One algorithm signal trade today in GBPUSD … TURNKEY PAMM / MAM UP
SLIGHTLY LESS THAN 0.1%
IVIX INDEX levels today in GBPUSD better than yesterday, but not by much … we
close the European session for GBPUSD at IVIX INDEX = 54, AND for EURUSD IVIX
INDEX = 44 … most of the session saw very pathetic trade action in EUR and
it suffered as a result … Cable barely making the grade, but at lest we got one
trade out of the market before it went dead right after stocks opened … now
markets wait for the 2 PM EST release of FOMC minutes from the FED … glad to
see at least some modicum of range [about 117 PIPS so far] today, but
more importantly Cable saw some volumes & trading … something we haven’t
seen in over a week as it crawled relentlessly higher without any corrective trade
activity … today sees more two-way flow, and that’s why IVIX for the session was
modestly better … still, it needs to be higher … however, not sure we’ll get that
kind of support from Europe going into the last 10 dog days of August … we’ll
see, and I’ll trade it accordingly … cuz here’s the deal bottom line … the
algorithm is fully set and ready to go, and all we need is a Cable market that
cooperates by giving us “normal” IVIX … we get that and I’ll be one happy
camper!
Outta here… Onward & Upward!!
-vegas
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