Murray As The Bernank
I got a pile of money in front of me and I’m sitting next to a blue-haired lady who weighs 96 lbs. soaking wet …”Just put the little markers on the numbers” she says to me leaning over …”B26!!” Murray screams out …She jumps about 2 feet in the air and yells “BINGOOOOOOO!!!!” at the top of her lungs …pandemonium ensues …my head is whirling around as people from everywhere descend on our table …I’m engulfed by geezers …I look around and I’m the youngest guy in the room by about 20 years …
I awaken just in time for the 7:20 A.M. open and we don’t even have a $5 range after 15 hours of trading. I’m guessing that they are too busy playing pachinko in Asia and rioting in the streets in Europe to trade.
But then at 7:32 A.M., in one second, gold gaps lower by $15 [from 1659 to 1644]. All I can think of is B26. Clear the tables, tear up the last bingo card, and place your new bets.
If you listen to the financial press, they will say it was due to the disappointing consumer spending numbers that came out at 7:30 A.M. [Excuse me, I just choked on my poptart.]
“Hey, anybody wanna buy some beachfront property in Colorado?”
As I warned on Friday in my post, they’re gonna stop you out if you stay long. Today’s action totally reinforces the manipulation theme. Who do you think was selling to you on Thursday and Friday? And who do you think was buying your sell stop today on the “B26” $15 gap lower? And when it was all over, who spends the rest of the day covering shorts from Friday?
“Gosh Mr. Regulator, we were buying all day. Sorry, we can’t comment on customer activity.”
So, what kind of fool puts in a very large order and totally skeeeeeeeews gold for a few seconds so it goes $15 lower? Easy Pezee; somebody who doesn’t care about his fill, and who cares more about hurting speculators than making money. Welcome to rule #2 for successful manipulation; hurt any and all traders as badly as possible.
“Errr vegas, I’m starting to connect the dots.”
The fact is they don’t even care anymore about being so blatant even Grandma can see the manipulation.
Except for the few idiots in Asia and Europe, who haven’t gotten the email yet, trading is almost nonexistent as nobody wants to do anything ahead of Fed manipulation later in the day.
“Why buy now? I may be stupid but I’m not crazy. Hey, gimme that pachinko coin!”
If you’ve come to the conclusion this makes no sense, you would be right in a sane and just world where “free markets” trade. Unfortunately that world no longer exists: we are in a new paradigm.
And now that the chuckle moving news is over, buyers have come back in and rolled the rock back up the hill to the $1660 area again. Don’t make me explain to you what happens next.
We used to have regulators who would put people in jail for stuff like this. Oh, wait a minute, it’s the Feds doing it now so it’s OK; when your doing God’s work here on Earth anything can be rationalized.
“Viva JPM and their mystery customer!!”
Excuse me while I go puke.
Have a good day everyone.
-vegas
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