“Hey, wait a minute! … are you sure there’s gold in here!?”
The Monday after NFP Friday, historically the absolute worst day of the entire
month for decent trading activity … on that score, it sure didn’t disappoint … the
Asian & European sessions literally did nothing, and it wasn’t until stocks opened
at 9:30 AM EST, that gold got going … after Friday’s new all time record high
followed by reversal action, I was hoping to see Friday’s low get taken out … what
we ended up with today, is an “inside day” [so far] on the daily candlestick, and
the worst series of events starting the New York day that could possibly happen
… and that’s a rally right out of the gate, marching straight up almost $20 in a little
over 90 minutes, and then going straight down for the next 3 hours … now into the
Gotham afternoon, and it’s sideways bullshit cleaning out spec accounts.
Gold would have reacted much better today, if instead of going straight up, it
broke Friday’s low and gave 2000 - 2010 a test … failing that, the rally would have
had more strength and most likely would have endured … instead, late coming
longs got trapped and the rest is history … once that early rally was over, gold
hasn’t been able to do anything on the upside, outside of little pathetic $1 - $2
rallies that get faded rather quickly … compared to GBPUSD, though, at least it
frickin’ moves.
IVIX [intraday volatility] INDEX today in gold down about 30% from Friday … still
adequate, but since the opening 90 minutes, rallies have been faded aggressively
and longs have had a very difficult time making money today … “in reality, the
setup today wasn’t very good given Friday’s reversal action, and it looks like some
sideline money got sucked into the market today from the long side early … that’s
getting worked off, and we still need to see action below 2015 … however, again
we see, not only in gold but Cable as well, this phenomena of straight up / straight
down, and “Hoover Dam” little else, except sideways chop" … and there isn't
anything the trading algorithm can do except sit for more relatively “normal”
trading conditions … hopefully, that’s tomorrow.
No trades today in the Turnkey PAMM / MAM.
No trades cuz no decent signals … several times came close, but no confirmation
on an actual signal … whaddaya gonna do? … well, gold isn’t a market for hope
& prayer … bid/offer spreads today adequate, so no problem there … just deal
with it and move onto tomorrow … until then … Onward & Upward!!
-vegas
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