Gold marches on … outside of the ChiComs and their insatiable demand for
phyz, it’s almost like everybody else doesn’t care about price … just buy, I don’t
care what the price is … and that my dear amigos is a very dangerous trading
mindset … tomorrow morning we get CPI made up numbers from the math whiz
kids in government, and in the afternoon FED Lounge Lizard minutes … every
market on Earth rigged for this I can assure you, with complete “Twilight Zone”
price moves in the seconds following the news … will the ChiComs care?
… does every dog get to ride on the fire truck to infinite price increases, and
then they all sell the top? … nice thought, too bad it never ever works
out that way!
What I can tell you is that gold over the last 50 years, has cost more spec traders
their accounts than all other markets combined … everybody and their pet rabbit
has got price projections past the edge of the solar system … it’s always been
like this since the 1970’s ‘til now … funny how life gets in the way, and it doesn’t
quite turn out this way … gold is UP 7 of the last 8 weeks, some $360 higher
… what can propel it even higher is a short covering squeeze the likes of which
this market has never seen … like silver back in the day … bankrupt some bullion
banks and squeeze the FED Lounge Lizards unmercifully, all the while the
ChiComs bid it higher and higher with no end in sight [remember the Hunt
brothers?] … until one day, everybody looks around and wonders who’s left to
buy … and in the next 30 seconds all Hell breaks loose! … kinda like the great
crash in “Stonks” in October 1987, where it just feeds on itself in a frenzy to
GTFO! … if this shit doesn’t settle down, that’s where we are headed!
Apparently the Dukes know something, cuz around 10:30 AM EST, market
Lemmings go over the cliff in unison … “Spoos”, crypto, and gold all get
mauled lower … position squaring ahead of the CPI tomorrow? … or maybe
NVIDIA, the darling of the “AI” group of tulip bulbs currently in favor, down over
2% on failing technical levels … point is, EVERYTHING IS OVEREXTENDED AT
THE MOMENT, and it doesn’t take much for an overleveraged trader to hit the
exit gate … although gold by far acting better than the rest … nice level RM=4
support hit on the m15, and subsequent turnaround in the “Spoos” … “there
simply IS NO BETTER PREDICTIVE TOOL I CAN GIVE YOU THAN THESE RM
LEVELS IN DIFFERENT MARKETS! … [“SPOOS” screenshot of the m15 [left]
and the m1 [right] directly below.
One can only hope both ranges and medians for the “Spoos” are breaking out of
this bullshit low VIX environment we’ve seen since last November … if so, the
“Spoos” can be a very good scalping / day trading vehicle … I would add,
though, only if the scumbag LP at Coinexx fills orders like they should … given
their track record, that’s a tall order, but we’ll see in the days / weeks ahead
… quite frankly, I want to get the CPI number behind us before venturing into the
“Spoos” … I’m a little surprised we got this level of range and VIX today … let’s
hope it stays like this!
Gold starting to succumb to pressure lower, and if we get below yesterday’s close
of 2339, there are sell stops below that … right now, we’re only a few bucks per
OZ. away from this level … buckle up! … I’ll point out, though, my biggest fear
with gold isn’t some catastrophic meltdown, but sideways movement that makes
any correction more of a time feature than anything in the way of price … if that
happens after the CPI tomorrow, I’m gonna move over to the “Spoos” and see
how we get treated there … I’m hopeful but not optimistic since both DOW30 &
NDX100 are a trading joke thanks to slippage … but the “Spoos” are the
benchmark, so we’ll see.
Outside of the mini meltdown started at the NYSE open at 9:30 AM EST and finished
at 10:30 AM EST, that saw the “Spoos” lose about 62 index points, and the
subsequent lower RM=4 hit on the m15 that saw an immediate sharp bounce, the
“Spoos” haven’t done much at all in terms of price movement … this is what I
kinda expected going into tomorrow’s “most important evahhhhhhhh! CPI print”
… all Hell is gonna break loose tomorrow morning at 8:30 AM EST, and if it’s a
“HOT” headline print of 0.4% or higher and bond yields start climbing, look out
below Skippy … tomorrow could be a wild ride … quite frankly, about frickin’ time!
Some chances today for gold to go lower, but the market can’t “seal the deal”,
and most of the rallies have been of the “dead cat bounce” variety … still, so far
we’re still higher on the day, so make that 10 out of 11 trading days higher for
about a $204 per OZ. gain … without some kind of correction lower on the day,
I simply don’t want to get long up here … 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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