Posted by Richard640
@ 23:34 on August 1, 2019
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
Posted by ipso facto
@ 21:23 on August 1, 2019
Posted by treefrog
@ 20:47 on August 1, 2019
i like $1,550 next week.
baby needs more than shoes!
Posted by ipso facto
@ 20:41 on August 1, 2019
That’s just for next week. I think we all have bigger targets in mind …
Baby needs a new pair a shoes!
Posted by treefrog
@ 20:21 on August 1, 2019
i like the way you think, but why just $1,500?
Posted by Buygold
@ 19:37 on August 1, 2019
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.
Posted by ipso facto
@ 18:32 on August 1, 2019
“I’d like to stick a fork in these guys and run to $1500 by next week.”
Posted by goldielocks
@ 18:05 on August 1, 2019
Posted by Richard640
@ 17:52 on August 1, 2019
If there is anything today’s violent reversal in the market demonstrated, where this morning’s inexplicable levitation (well, maybe explicable now that “terrible news is great news” again) was smashed with stocks plummeting once Trump tweeted that the China trade war ceasefire is dead, and the US would impose “a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country”, it is that algos, quants, and systematic funds remain the marginal price setters of the US stock market.
*****************************************************************
Indeed, as Bloomberg’s Andrew Cinko said when commenting on today’s early morning levitation, it “looks more like it’s being driven by ETF flows or perhaps quant- or multi-strategy firms. That’s money that tends to go out as quickly as it came in, leaving the S&P vulnerable to a reversal as the bid dissipates.” Ironically, just minutes later we got definitive proof of just how fast the passive, or algo money, flees in the milliseconds following Trump’s tweet.
Posted by Richard640
@ 17:45 on August 1, 2019
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
Posted by Richard640
@ 17:27 on August 1, 2019
* 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
Posted by Ororeef
@ 17:09 on August 1, 2019
it turns out it was ACES & EIGHTS..a dead mans hand just like wild Bills hand..
Posted by Ororeef
@ 16:53 on August 1, 2019
Posted by Ororeef
@ 16:36 on August 1, 2019
Posted by dbbaba2
@ 16:33 on August 1, 2019
Posted by Buygold
@ 16:31 on August 1, 2019
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.
Posted by Ororeef
@ 16:24 on August 1, 2019
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…
Posted by Ororeef
@ 16:20 on August 1, 2019
Posted by Richard640
@ 16:18 on August 1, 2019
Funny thing is that JNUG is a buy now [but I ain’t. buying]…cause in a bull market an RSI of about 50 is about all yer gonna get on a pullback and JNUG went–quickly–from an RSI of 85-90 to 51 as I write…and lower once trading starts if the pre-mkt. loss holds–note that JNUG bottomed twice-on about June 10th and July. 1st from 50 RSIs
https://stockcharts.com/h-sc/ui?s=jnug
JNUG up 15.2%–a 14 buck move from bottom to top
Posted by Buygold
@ 16:17 on August 1, 2019
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.
Posted by ipso facto
@ 16:11 on August 1, 2019
Thankee Sir. Hopefully we have more reason for inspiration soon! 🙂
Posted by Richard640
@ 16:08 on August 1, 2019
Candle Light Candle Bright
Bullish Engulfing is oh so Right.
Posted by Maddog
@ 16:05 on August 1, 2019
There will be no parties and absolutely no rally monkeys, for hundreds of dollars….hopefully this is payback.
Cheers.
Posted by ipso facto
@ 16:02 on August 1, 2019
Candle Light Candle Bright
Bullish Engulfing is oh so Right.
Posted by Richard640
@ 16:02 on August 1, 2019
This sh*t is unheard of an validates my contention that. gold will not go down. with stocks in the next 2008 episode
also loving that yields are CRASHING-THE 10 YR IS. UP. a YOOGE. 1+ 17/64ths
http://futures.tradingcharts.com/marketquotes/ZN.html
I expect to see analysts on all 3 biz channels. trying to mitigate. the damage….one just now on FOX said stocks may open down tomorrow but when they look clearly at the situation they will rally..time will tell…he did, however, say the. report tomorrow should have little positive effect is it’s on the strong side
Loading ...
