Sitting On My Hands
It’s FOMC day and I’m pretty much going to sit on my hands until all the dust settles. Speaking of which, my real life hands happen to be in bad shape these days. It turns out that punching walls and occasionally people as well as several hundred fist push ups per week combined with constant keyboard usage actually takes a toll on your mitten fillers given enough time. Suffice to say my traumatologist isn’t happy as he had to give me my second course of cortisone for this year after my left middle finger ended up being stuck retracted in the morning.
They call it trigger finger as the little rings that hold the ligaments in place inside of your hand swell up, and that is where all the fun begins. And as you can imagine this isn’t really a laughing issue for someone who uses computers for a living and I have been advised to take it the heck easy for a while. So over the next week or two I’ll unfortunately have to clamp down a little on the fluff and jokes, which I’m sure you won’t mind too much as Christmas is drawing near anyway.
Silver has my attention currently as precious metals in general have been receiving the stick by the financial MSM whilst hyping everything crypto related. One of my intrepid steel rats posted a video last night of a Duck Dynasty look alike who – get this! – is planning to sell his own house to buy Litecoin. At first I felt bad for the poor fu…er but then again I also hold the stern conviction that extraordinary stupidity needs to be punished appropriately and publicly, and there is no better vehicle for delivery for instant karma than the financial markets (which now includes crypto). So go right ahead ‘road dog’!!
Anyway, silver – a bounce is a possibility based on the LT perspective but we don’t want to rush into things here, so we wait for a pronounced short term floor pattern. I’m pretty sure that the daily panel has scared the jibberees out of everyone and as the saying goes: don’t step underneath a falling sword. That said, this far outside the lower 100-BB a spike low for example would be a smashing lottery ticket opportunity. But as of right now we watch (in a non creepy way) and wait for instructions.
Crude is most likely going to be one of the most interesting futures charts in 2018. Years of sideways churn have now produced a tightly pinched weekly BB which is literally screaming for a release. Based on the current formation I believe it’ll happen toward the upside and most likely by the end of January at the latest. So I’m very much looking for entry opportunities here but as usual it’s the short term panels that we gauge for early signs of a break out.
Yeah, so this session is pretty much screwed until the FOMC press conference. Why don’t you watch your favorite crypto chart instead for entertainment value. By the way ETH is the hottest ticket right now as it has jumped 30% over the past few days. Insane… if we eventually start trading this stuff we definitely need to upgrade our meds