Revenge Of The Goldbugs
“Hello, is this TOS customer support? Finally, I was on hold for over 20 minutes! Anyway, I think something must be wrong with my installation, my daily gold futures chart just printed a red candle.” – “Are you certain, sir? Have you tried relaunching the platform?” – “Yes, I even rebooted my system twice – the candle is still red!” – “Okay, don’t panic sir, the system must be experiencing a data feed problem. I’m sure our tech guys will have this fixed in no time!”
FWIW – I’m more bemused than anything else at this point. And for the record if you’re new here – I’ve ridden a good part of this rally (GC 1740 to GC 2005), so this is not coming from a place of envy or frustration. All that said: This run up in gold is one of the most violent I’ve witnessed in my trading career and it strikes me as a collective global middle finger to the already fragile Dollar hegemony.
Speaking of which – my DX campaign’s ISL almost got snagged but fortunately managed to escape by a few ticks. The odds of a floor pattern just increased markedly (recall that this was an early exploratory entry), however odds of success won’t breach the 60% mark until the 94 mark can be cleared. And that’s still quite some ways away.
The E-Mini is still chewing on the last hurdle separating us from new all time highs. Call me a cynic but I find it a bit odd to see the market hover at such lofty heights given what’s currently unfolding in our country. Talking about detachment from reality.
Fortunately I have long learned to separate politics, let alone macro economics, from my trading endeavors or I probably would be polishing rims for a living by now.
The other day I told you to advance your trailing stops and unless you are a stingier bastard than I am they should not have been touched. I recommend you continue advancing your trails at a distance of about 0.5R. If the R concept is alien to you then please point your browser here.
The VIX remains at its summer baseline and I don’t think we’ll see it dip much lower anytime soon. The 25 mark used to be considered mildly bearish territory but in 2020 it accompanies a push toward new all time highs in equities. Better get used to the ‘new normal’ because we’re all living in it now.
One Day At A Time
2020 has turned into a ‘one day at a time’ affair and although many of you are on edge after seven months of systemic insanity it’s not worth losing sleep over what may come next, as even our wildest predictions will most likely pale in comparison with what we’ll end up with. So watch your six and enjoy your weekend as best you can. Oh, and you may want to register to vote.