Unless you’re holding dollars, your assets are melting down faster than Biden’s
brain … nothing is safe, nothing is “hedging” the fallout … “Stock Bellies” look
like they are stuck in mud, and if Spicoli and the other Lounge Lizards keep rates
higher for longer, the tech sector is gonna be a train wreck for a while to come
… crude today as lifeless on the upside as I’ve ever seen it … simply no tradeable
rallies on the upside worth pursuing, as VIX has fallen sharply since last week
… and it’s been nothing short of walking down the stairs, with the same scenario
each day this week … slight rally in Asia, gets creamed coming out of the
European open, and then New York is a nothingburger but constant selling, with
half-assed rallies if there are any … and given the downgrades in world oil
demand, oil could be rough going in terms of trading action, with both buy/sell
sides muted … and while supplies are very tight, getting a handle on demand is
a B.I. Itch, and it might make for a very muddled market if the weather stays OK.
Remember, we got a spread + low commission to pay + slippage in crude … we
need movement up/ down, and rallies of 10 cents on an algorithm signal ain’t
gonna cut it, cuz if it’s a loser, it’s gonna run at a minimum 25+ cents to the
downside … and as I’ve said before, the short side of this animal isn’t handing
out any favors, cuz you got the same problems there as well … and lately, the
market does literally NADA during the meat of the New York session, and then
moves with less than 90 minutes to the New York close … very disappointing,
as today is no different, only a little sooner is all.
Meanwhile, Cable over in FX-land is trading like its pants are on fire … and with
good reason given the news flow out of the U.K. … the issue with GBPUSD always
is the spread + any slippage given market conditions … is it worth it to trade, or is
it a nightmare? … a few weeks ago it was a complete shitshow circus, but
conditions have improved considerably over the last couple of weeks, and
conditions have basically returned to “normal”, given a large dosage of salt over
the shoulder … given crude’s reluctance to “trade” this week, I’m looking at
Cable tomorrow for starters … the YEN has basically died on the vine, and isn’t
on my RADAR screen at the moment … crude when it decides to “play” is great,
but when it goes to chop mode, or goes into the slow meltdown mode, is nothing
short of trading Hell … that leaves Cable right now with the consistent action
over the day … and of course, over time, things change so we change with ‘em
… out of the 3 markets, one will be moving at a minimum.
All we need is CONSISTENT VIX … not bat shit crazy [BSC], then death by chop
… with oil’s moves last week I thought VIX was picking up … it isn’t … like I said,
the Yen is dead right now cuz of threatened BOJ intervention … Cable has picked
up and remained consistent this week, and the drama over the new government
and the BOE will continue, so I’d be surprised if VIX fell appreciably … no trades
today for the PAMM, as oil was the “walking dead” again lower most of the day,
well into the New York afternoon … I don’t like sitting, but I like losing money
even less … the algo works excellently in Cable [or any FX pair] when conditions
are favorable, and right now conditions are ideal … not playing “Whack-A-Mole”,
just shifting to more consistent VIX among our 3 trading pairs … onto tomorrow.
… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,
and my own Brinks armored truck” 💓!! … Onward & Upward!!
-vegas
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