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Zero hedge said. that 10K to 20K census jobs may pad the report…but. as that guy on Bloomberg said that. report. is. stale. news…I could see, however, a knee jerk sell off…then hopefully. it drifts. back up…I gotta think todays action has generated a lot. of after hours strategy sessions at funds discussing getting PM coverage…I’d guess the. action was a shocker not only. to us but to the managers…

Funny thing, though,  it was not really discussed on any of. the biz channels—I. watched the CNBC boys at. 5pm and there was no mention of gold

Asked About China & Iran In Venezuela, Trump Signals US “Blockade” Coming

https://www.zerohedge.com/news/2019-08-01/asked-about-china-iran-venezuela-trump-says-us-blockade-possible

i like $1,550 next week.

baby needs more than shoes!

That’s just for next week. I think we all have bigger targets in mind …

Baby needs a new pair a shoes!

i like the way you think, but why just $1,500?

I’d like to think so. $1500 is not that far off and the action today was pretty damn bullish.

Course, I am programmed to see the scum come in and slam gold whenever they feel like it.

As always, we’ll see what happens but I like our chances. 🙂

Edit: They are coming for us tonight, but they did the same thing last night.  Gold down $7.10 tonight. I hope the shorts get smashed again tomorrow.

“I’d like to stick a fork in these guys and run to $1500 by next week.”

Mexico Mike…

Metals reversals

Hi Bill! How the banks must be furious with DT today! I think the plan was running according to the script all week, as the commercials faded every rally and capped the metals, confident that they could roll out the bazooka on FED day and slam the entire sector. Slam they did, but the plan went off the rails about 2pm today. As Mike Tyson once stated, everyone has a plan until they get punched in the face. 

I think there was some bargain hunting ongoing even before the rhetoric and trade action got into gear today. But it did look to me like there was another hit scheduled ahead of NFP data. Perhaps that is now off the table, and without looking at the market action in detail I would imagine a lot of that late session move in the metals today came from shorts getting the hell out of Dodge.

It was not that long ago when a major selloff staged around a big market event would take many days or even weeks for the PM sector to recover. Today we got all the way back in less than a trading session. And during the dog days of August no less!

Meanwhile, there is more than an hour left in trading as I write this, but the HUI looks like it could deliver an outside reversal day and that too is rarely tolerated after the heavy selling of yesterday. There are probably more reliable Bigfoot sightings than times I can recall seeing a direct rejection of a serious Cartel raid like we are getting right now. I did a bit of buying today before the curtain went up, as I fully expected the slam and was counting on a recovery shortly after.

How refreshing if the goddamn Cartel gets their thumbs slammed in the drawer for a change. And if indeed it is China that is the ‘whale’ buyer in the options trade, then how much of a perfectly timed response was the action in the metals today after another round of tariffs were announced?

Should be a very interesting Friday trading session.

cheers!
MM

* David Rosenberg @EconguyRosie 
Only one other time has the market declined the day of the first rate cut — in October 1987. Thanks for the walk-back, Jay

Carter Worth–the expert chart analyst on. CNBC’s Fast Money showed some main. Bank index has. given up ALL gains made since the nite Trump was elected

it turns out it  was ACES & EIGHTS..a dead mans hand    just like wild Bills  hand..

and especially the USD to go down for a few days to keep this going.

I’d like to stick a fork in these guys and run to $1500 by next week.

just sittin here fully invested  !    As Jessia Livermore said ,it wasent my trading that made me millions ,it was my sittin….buy right ,sit tight..thanks Jessie…

JNUG a buy. if. u. believe in RSIs…

JNUG up 15.2%–a 14 buck move from bottom to top

Well, I’d sure think today would’ve changed the way the charts are interpreted tomorrow.

There were tons of gaps in the shares and it appears that a lot of them have been filled.

R6 kind of agree with your Bloomberg guy on the jobs report. Powell needs a bad one to save his “data dependent” ass and he’ll probably get it. Funny how that works, they always seem to get the numbers they need to make the move they need. We’ll see.

Thankee Sir. Hopefully we have more reason for inspiration soon! 🙂

Candle Light Candle Bright

Bullish Engulfing is oh so Right.

There will be no parties and absolutely no rally monkeys, for hundreds of dollars….hopefully this is payback.

Cheers.

Candle Light Candle Bright

Bullish Engulfing is oh so Right.