IT’S AUGUST ALREADY?

                          When In Doubt Ask A Higher Authority

What happened to July? It was here a few minutes ago.

Take a little time off, and first thing you know I’m in the hot tub time machine and BAMM! It’s August already? Who knew?

                                         It Ain’t Me, I Swear

Now, contrary to wild rumors swirling the internet, this isn’t me snorkeling. First of all, I’m allergic to snow, and second of all, no way would I snorkel with lime green swim fins. The naked part? Well ……

                   Hmmm ….. I wonder where EURJPY Is Trading?

I am partaking in some adventurous endeavors however, but always trying my best to keep my trunks on.

                                           July 2012 Trading

Spending 30 seconds looking over July charts, however, convinces me I didn’t miss much. Gold? Pulleeeeeeeeeze – anybody still trading this needs "Clowns” at his next Bar Mitzvah. Currencies? Yaaaaaaaaaaaaaaaaaaaaaaaaaaawn.

Ok, I’ll admit some movement in EURJPY, but really the markets are dead tired of the daily EUROFAIL [and all that goes with it], as well as the upcoming Preezy elections in the U.S. Fortunately for me, I haven’t had the misfortune of being inundated with Chalky Soetero bites in the last month from the MSM, so my spirits are high.

Upon further review, and of course checking in with “The Dude”, I’m gonna continue taking some time off for a couple of more weeks. It’s August for cryin’ out loud!

So, hang in there and try to remember –vegas is human and needs copious quantities of adolescent teenage fun to survive. I knew you would understand.

Have a good day everyone. Be back full time soon.

-vegas

SEND IN THE CLOWNS

                                Politicians Speak Markets Plunge

Schaeuble: “Being a member of EU is a voluntary decision”.

German Finance Minister Checklist:

Step 1: Ok, first tell mistress to sell EURUSD at 17:00 [check],

Step 2: Tell mistress to cover EURUSD after the drop and before she goes shopping [check].

Step 3: Go find a TV camera and say something stupid [move the market lower] [check],

Step 4: End interview and go meet mistress with Dominique Strauss Kahn [check].

Sounds like an awfully productive day. Use the cover of a U.S. NFP report as cover so you can deflect blame for the move. And who says these guys are stupid?

Meanwhile ……….. at the U.S. BLS [Bureau of Lies & Statistics]

                                         Chief Statistician BLS

More lies, damned lies and then statistics out of the U.S. today that sent gold and other financial markets on a double reversal move guaranteed to allow you to pursue those 2012 tax loss strategies you have been thinking about.

Add to that the du jour “loose lips sink ships” talk from Europe, the Central Planners lurking about, and you have markets that are approaching mental breakdown.

This chart [courtesy of zerohedge.com] pretty much sums up Amerika today:

It’s easy to lower the unemployment rate when the number of workers in the economy plunges compared to the number of jobs lost. Duhhhhhhhhh.

I weep for the future.

And, as all this plays out gold sits precariously right at support in the 1620 – 1630 range. I don’t like the action right now in gold; maybe I’m wrong, but my guts tell me gold is about one inch away from getting clobbered to the downside. We’ll see next week, but with the break in oil and the dollar rallying, it’s going to be tough to get this stuff back over 1680.

Have a good weekend everyone.

-vegas