Gold never disappoints in terms of how fast, vicious, & ugly things can get in a
very short period of time … today sees 15+ hours of complete bullshit price action
in one of the tiniest ranges seen in a while, and then BOOM!, right before “Stonks”
open, down goes Frazier, and it’s a race to the bottom … had a couple of buy
signals down there, but they got blown through to the upside and the fill would
have been ugly as all Hell from a mystery tick offer … so, I had no choice but to
pass on them … and if I had gotten filled at the top, like what would have happened,
they both would have been scratch trades 1 - 4 minutes later before resuming the
downtrend … point is, we didn’t lose anything by skipping them.
No news to account for today’s drop, although the market is a tad overstretched to
the upside, and rates on 10 YR treasuries are closing in on 3%, right now sitting at
2.92% as I write … other than that, a real panic over in USDJPY, where the pair is
higher for the 13th day in a row … YEN has lost about 12% versus the dollar in the
last 5 weeks! … a move for the record books … dollar strength may be another
slight catalyst to the gold weakness as well, but overall I’d say it’s simply “due”
for corrective activity and shaking some longs off the pony ride to the upside.
At 10:07 this EST AM, we had another internet outage, and after about 20 minutes
I finally have had enough, closed the laptop and headed off to sign up for 5G
microwave service that’s never down … unless the relay tower gets hit by a
Hurricane, the microwave signal comes from the satellite and won’t be interrupted
by the normal ISP bullshit … with hurricane season starting only 6 weeks from now,
I was thinking of this anyway … no more thinking, I just did it … now here at
3:15 PM EST, I’m back and the entire system is up and running smooth as silk
… as for gold action today that I missed, not much to miss except for one buy
signal that would have netted a small gain … otherwise, a “down the steps” kinda
day with widespread selling as dollar strength picks up steam and the 10 YR.
Treasury hovers near 3% … onto tomorrow … no trades today cuz gold was dead
up ‘til half an hour from “Stonks” opening … then it’s over the cliff, followed by
the internet outage … all in all, not a bad day to miss if you have to miss one and
are looking for long position opportunities.
Over in crypto, BTC trades for “The Syndicate” will commence starting tomorrow,
as trading action appears to be picking back up … ‘bout time!
… outta here … “The future’s so bright I need sunglasses”!! 😎😎
… Onward & Upward!!
-vegas
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