It’s not like this hasn’t always happened before, cuz it has … “FOMO & MOMO”
parabolic moves ALWAYS END UGLY! … gold, silver,, crypto, you name it … and
most often it comes out of a weekend where “all of a sudden”, having killed
shorts to no end and frustrating the shit out of those trying to sell the top, people
throw in the proverbial towel and then get long … “can’t beat ‘em, might as well
join ‘em” … then there’s the other side, the longs positioned and already picking
out the color of their new Porsche, and Bingo!, Bango!, Boom!, you’re selling
the ugly break … hello Kia! … so far it’s mild by comparison to other nose
dives, and maybe it recovers, maybe it gets beat silly like a drum at halftime of
the big game … we’ll see … meanwhile, ETH acting like a corn spread in
January … go figure.
Overnight about a $50 range … 6 hours of this bullshit and we’re looking at a NY
session range of about $20 from the extreme tips, but overall about $12 - $15
mostly traded, with “Nada, Zip, Zilch, & ZERO” FOR UP MOVES LIMITED TO
ABOUT $3 BEFORE IT GETS SHIT KICKED TO THE CURB AGAIN and heads
lower in a crawl … long, gone, so sorry you’re selling the break … have you
ever seen a market so completely devoid of buying interest, where 48 trading
hours ago, the entire world was crawling over each other to get long? … and
this action today, so far, tells me people are stuck long and can’t get out … that
doesn’t mean the great bull market is over, simply what I’ve been writing about
for over a week … namely, too many people are long … …. shit goes up,
everybody and their pet rabbit gets long, and then shit goes down … elevator
up, and out the window to the ground floor when it goes down on that first
wave of “profit taking” [thank you Bob Pisani, CNBC perma-bull hack]
… I’m not surprised it’s going down, but am somewhat surprised it can’t even
muster a couple buck rally to scare shorts shitless … but hey, welcome to gold!
Meanwhile crypto is acting like it died over the weekend … “what do I say at the
funeral?” … and silver getting mauled worse than gold … call it whatever you
want, scalping and/or day trading, it’s a matter of semantics … but it allows one
to blow with the wind and not get stuck … I mean, it only took 45 years for gold
to do these last 2 months, to get the kind of runaway market we’ve seen … can
you wait that long? … there isn’t shit to do in this, but it’ll be interesting to see
how Asia reacts later during night time hours … was this simply a ChiCom trap
or is there more selling to come with some really good waterfalls shaking
people out? … we’re gonna find out … no trades today for obvious reasons
… 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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