TRADING RANGE MARKETS
In looking at the world's favorite market that is on it's way to $25,000 or thereabouts within the next few months, I see what is typical of most of the markets so far this year. We are just chopping sideways in difficult trading ranges. For my taste I don't like trading in ranges like this because I think it is very difficult to catch the exact right time when the breakouts will occur. I am not the one with the magic indicator I can sell you for thousands of dollars that will pinpoint every single move on a chart. Of course we know nobody else is that guy either in spite of all the advertising to the contrary.
I was talking with the guys at Robbins trading recently who asked if my blog was balanced? LOL! I wonder if the words " I blew this one" or "terrible" count as balanced verbiage? People can always cut and paste things to skew what you have said and I cannot control that. However, I think I do a pretty fair job of pointing out mistakes I make as well as good decisions I make. I do make more good than bad ones, so objective reporting will feature more positives than negatives.
I do find myself wanting to lean to the long side in the Gold market due to the COT buying but this is not an ideal setup, nowhere near one. We are in a big down trend and that is always something that needs to be considered. We are also surprisingly under performing the ES by quite a bit in this market which is a new development. I am sure readers have found themselves doing what I am doing with this market. I just keep coming back to this chart and looking at it over and over so something in me is pushing me to try and justify a trade and I don't know why. It does appear to me that Silver could be a sell if it were to break down from this current location. The weekly chart positioning is also not completely clear to me. In summary, I am just not quite sure what to do with Gold and Silver here so I do nothing for the time being. If I miss a trade so be it, I would miss the money more if I pissed it away on a dumb trade trying to force something.
I continue to think we are going to have a stock pullback, but the PPT is lurking so that is a difficult task. I don't know what it is but it seems to me like when we get these crawling up moves in January they seem to keep going even though the seasonal says otherwise. The closing action on Friday told us the PPT does not want down closes right now especially for a Friday or a week. This does not mean we can't get one, but it requires volume to over power them. This light volume environment we have been in for so long is sauce for the goose for the PPT. It makes it very easy for them to control things.
My short term proprietary indicators are pointing down in this market ( ES ) so I expect this to move down from here. This is a mid morning snap shot so by the end of the day this could look different. However, the indicators are still going to be down biased regardless of the close. What I have mentioned recently seems to be the case, it is a push up for stocks and everything else is being "left" to fend for itself. It does seem to me that everything should be left alone but I am old fashioned apparently. I did not get the memo about manipulating the public being the main goal and if I had I would not have read it anyway.
My ES short I had on was exited this morning for a small gain of only 2 points, it is a first profitable open system and the open was a profit. Alas, mechanical systems are what they are. I would have held it had it been a discretionary trade, but I don't mess with the rules in systems because it defeats the whole purpose of having them in the first place.
The summary is I am looking for some downward action in the indexes and many of the other markets are trading on their own again and in trading ranges. This makes for tricky trading.
I would love for someone more internet savvy than me to find out the total of the legal and accounting fees that have been paid out by the court in this case. Someone from the trustees office said this information is in the court docket on the web site but I can't find it. It will make us all cringe, but it will be good ammo for a future attack on what is happening here. It is my contention they are gunning to get most of the money and stiff us, but the big secret is the whole case and it's lack of transparency. We just have to focus on trading because if I am right we are not going to see much more of this money and if we do it is going to be a long time coming. It is too bad because if you removed the corruption, the way this has played out we probably should have been able to get close to 70% but that is not in the attorney's best interests as we all know. The last time I checked Mortgage companies could care less if your money to pay them is tied up by a bunch of crooks. I mean that, all the parties involved in this are crooks. Fleecing victims is a crime to me regardless of what your title is that you use to go about doing so. You have to ask yourself if being a bankruptcy attorney which is a very lucrative field and preys upon victims, is really a moral way to live your life?