Relax, There’s Next Week
Yippee! We finally got a $10 range in gold for the day at 12:30 P.M. Add to that a return of the “Flying Wedge of Death” [FWD] and it makes for a very ugly trading day. Days like this make me wonder how it is possible for dealers to look at themselves in the mirror and not puke.
Everything on the board lagged today, with almost no interest in trading other than conducting stop hunts. Pick your market, it wouldn’t make much difference. There isn’t anything that did anything of significance. [Except for the crude oil plunge between 1:00 and 1:30 PM to shake out some longs.]
“Is the circus hiring?”
Second weekend in a row I’m not real happy with the action in gold or the slippage induced fills by dealers. The entire month of March yielded very little in terms of gold going somewhere: up or down, it doesn’t make any difference. We race like we are on the back of some photon going at the speed of light, only to stop in an instant and go the other way with a vengeance.
Maybe it’s just me, but the market lacks any conviction that lasts longer than a day or two. The market is jerking everybody around.
And don’t for a second think the gold cartel manipulators don’t absolutely love this; they don’t care about prices or profits, they only care about you losing. The goal of manipulation is not to directly affect prices, but to get you to do it for them. Quote stuffing and painting the tape are among the favorite strategies, and today we had plenty of both.
I need a weekend. Have a good one everybody.