What a crock … then today comes and it’s the clueless banker Twits at the BOE’s
turn, and again with the lies, lies, & MORE LIES … if their lips are moving they’re
lying! … and “Stock Bellies’ love it! … well, until the WSJ ruined everything this
AM with that story about Evergrande being liquidated “quietly” by the Chicoms,
and “poof” there goes that mantra of thinking the China property crisis is over
… double crossed again by the ChiComs … imagine that can you? … but no
worries, cuz the “Plunge Protection Team” [PPT] is on the case at the NYSE open,
and despite worrisome economic indicators all over the place, price gets
pumped and it’s party time like it’s New Years Eve 1999 … everything is so
F-ing awesome!
Two central banks in 2 days, and BOTH with some “hawkish” news, and all FX
can do is yawn … and despite some wild “party time”over in Cable cuz you got
some hapless Apparatchiks talking “rate rise”, I’ll remind readers of the 10+ year
stretch where “analysts” were calling for interest rate increases from the BOE,
and 41 quarters in a row they got NADA! … and the only conclusion I can come
away with, and maintain my credibility, is that the entirety of FX is a complete
waste of time … quite frankly, it’s a wasteland, and the biggest reason it’s a
wasteland is cuz nobody gives a shit anymore … spec flow is “BUH BYE”!
… given the news flow over the last 72 hours, FX should be “rockin’ & rollin’ all
day & night” … instead, it’s the same shit ranges, bogus phantom spreads, and
slippage far too high for what you’re getting … maybe someday it comes back,
but that day is a long ways off in the paradigm of TOTAL CENTRAL BANK
MANIPULATION … what a frickin’ joke.
The SP500 today about as manipulated by the PPT & corporate buybacks as you
can get … since the NYSE open, simply straight up the wall … anybody that thinks
the CNTRL-P machine is gonna stop is purely delusional … the DAX30 has had
some good ranges lately, but as this week attests, a very substantial portion of
those ranges has come in the Asian session off of China news RE Evergrande
… today no different, and since the European open some 11 hours ago, this
market is in a tiny “Flying Wedge of Death” [FWD] with a range from the tips of
about 80 - 90 index points, with trips to both edges multiple times … I like what
I’m seeing from this market from a “trading action” perspective, but today’s
“median” only offering ± 40 index points of play and that’s not gonna get R done
from an algorithm perspective … unfortunately too much of this week is coming
in the “off hours”, and there isn’t anything left once the cash market actually
opens … how long this continues I haven’t a clue, but it does distort trading
“bigly & yuge”.
I walk over to my screens this early AM, as Europe is opening, and the DAX30
already has an approximate 90% of its current 20 Day Range MA of 200 index
points … great, now what? … cuz experience tells me before the day even starts,
that the probability of this getting expanded greatly is not very big, and in fact it’s
quite small … so without a healthy correction, where is this shit gonna go?
… and if you were sitting next to me I’d say it’s gonna be “chop city” sure as I’m
sitting here … and what have we seen? … the FWD? … oh great, I wanna get
caught in that, no thanks … well, it is what it is, and hopefully this China bullshit
settles down, cuz not only can’t I trade 24/5, the spread is significantly higher until
Europe’s cash market opens in Frankfurt, so you’re doubly screwed! … no trades
today in anything, so onto tomorrow … with their new emphasis on stock indices
[good spread, excellent latency, reasonable slippage], I feel good about trading
the DAX30 at Turnkey, one of my favorite pairs going back to 2001 when it first
appeared on electronic trading screens … quite frankly, it moves and that’s what
we want … now all it has to do is “behave” in the Asian session and life is good!
… “The Syndicate” picks up crypto trading this evening.
… outta here … “the future looks so bright, I need sunglasses”! 😎
… Onward & Upward!!
-vegas
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