Welcome to the “new normal”! … everything a crisis that needs government
FUBAR solutions … well, Christmas is “buh bye”, cuz by this time next week,
we’ll all be dead from Omicron … although nobody but an old guy in Britain has
died yet, government projections show 100 billion new cases per day, and it’s
time for the “new world order”! … and by looking at today’s markets, they want
to believe it!
Once the Chuckleheads, along with Mrs. Watanabe & Gal Pals panicked in the
Asian session and took the “Spoos” down 90+ handles, things have settled
down … USDJPY going lower, but not with the force you’d expect from that kind
of “Stock Bellies” decline … and from those ashes, the slow climb up the hill
over hours began … I got to the screen around 5 AM EST, and some 4 hours later
we’re locked into a 20 PIP-ish range, as the “Spoos” fiddle fart around waiting for
the open in about 1 ½ hours … as I said yesterday in the blog update, it’s either
the “Spoos” or USDJPY leading the way, and everything everywhere else goes
off of that … today it’s the “Spoos” turn to lead … given the scope of the decline,
I’m somewhat surprised FX hasn’t reacted in a more forceful way … so far, ranges
in all of FX very muted … perhaps they’ve learned it’s best to see what the “Stock
Jockeys” do before playing, as they’ve been burned a ton of times in the past
… we’ll see … and if you believe this selloff is caused by Manchin sinking
“Taliban Joe’s” propaganda legislation, then go back to the drawing board, cuz
it means ZERO for markets … it’s simple really … markets react to government
or governments that FUBAR everything they touch, Omicron the latest example
in what will surely not be the last … “what we really need is a vaccine from
government”!
The London Fix now over, and while the “Spoos” get “monkey hammered”,
USDJPY barely moves, other than the usual “Flying Wedge of Death” [FWD]
inside the tiniest of ranges as the daily candlestick looks like a pencil smudge
mark …sure, it’s Christmas week, and as we progress towards Christmas Eve
on Friday, once the European session is over and done with, trading action is
likely to get very pathetic & erratic … so far, USDJPY with a very anemic range
of 37 PIPS for the day, with the last 8+ hours in the 20’s … as we move into the
New York afternoon, the key question is can the “Spoos” stay above 4500 … daily
charts are looking awfully suspect, and the weekly charts for all of the
“Stock Bellies” look like price is standing on the edge of a cliff … and if support
gives way, it’s a long way to the bottom from where any of these markets are
at now … NASDAQ especially vulnerable, but they all are in the same boat … I
don’t see how that’s positive for USDJPY regardless of today’s non action, if
support gives way … but, if it’s not gonna move, but instead sit there and do
nothing, well there’s nothing to do but leave it alone.
Today is another Monday in a long line of succession, where there simply isn’t
any trading action that is acceptable, once the Asian session is finished
… outside of the SP500, which has a range today of over 100 handles, it’s
“Death Valley” for everything else, crypto included … USDJPY a full 50%+ UNDER
its 20 Day Range MA … Low VIX the algorithm can handle … NO VIX and it’s a
bust, and I’d say a 20 - 30 PIP range over 9+ hours is not gonna cut it for us
… the lower the VIX, the more false positives creep in via the algorithm signals,
and you simply get to a point where it doesn’t make any sense trading … this
morning, I had an oversold signal, followed 3 minutes later with an overbought
signal, and there wasn’t 1 PIP between the two in terms of price … seriously,
how ridiculous is that?
Multiple algorithm signals today in USDJPY, the TURNKEY PAMM DOWN
FRACTIONALLY … collectively, less than a kids happy meal at Micky D’s … traded
from the long side today, and there just isn’t anything here from any side … no
pop, no sizzle, no action, and for sure lacking in any kind of discernible “buy fuel”
… a very lethargic trade inside a range that hasn’t been this low since August,
outside of Thanksgiving Day in the U.S. … and a “doji” at that … this isn’t the
algo’s fault, this is a direct result of no VIX in today’s market … I can do a lot, but
I can’t do anything in something that doesn’t move and attempts to act dead
almost the entire day, except when the “Spoos” make a small move and then
Yen immediately reacts at the speed of light a few PIPS before dying all over
again … still, we’re talkin’ an awful low range, and USDJPY can’t get out of its
own way in either direction for more than a PIP or two … onto tomorrow.
Meanwhile over in crypto, no trades today in ETH for “The Syndicate” … again,
Asia flies the rest of the world dies … since Europe opened, not even worth
looking at it’s so pathetic in terms of tradeable action … simply move onto
tomorrow.
… outta here … “The future’s so bright I need sunglasses!! 😎
… Onward & Upward!!
-vegas
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