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IDS World Markets Tues 24th June 03


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Some decent drops in US & Europe overnight. We've followed suit: currently down 0.7% and my entire screen is RED. Yummy....

 

I use weekly charts for entry on trends and noticed momentum is slowing on individual stock charts after yesterday's action. Should be even more noticeable after today's download. Did get a put signal on Newscorp which I would normally buy today but will pass on any signals until I'm back at the screen full time...

 

Back later with an update...

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The Comex Crush, Country Music Radio, and the Narcotics Tolerance Effect

 

I noticed the big down move in the U.S. equity markets today, the first in a long time. Added to this, we have ongoing furious pumping by Mr. Greasepan and forex markets all over the world still settling down from a serious manipulation jam late last week. So what does the price of gold do? Drops a good 5 to 6 points intraday. While I do know this is Opposite World, I just cannot believe this. A close look at the intraday gold chart shows the biggest drop during the last 60-90 minutes of Comex trading -- the classic Comex Crush. While I have a hard time believing this was not manipulation, I also wondered why Al and friends would do this so quickly and assertively, just hours into one substantial down day in equities.

 

Then I remembered. It is the God-like religious significance our society places on the equity markets, or rather simply a few numbers (major indices) constantly spewed out by all the media. My next-cubicle-neighbor listens to country music radio all day. According to what seems like religious mandate, they piously report the major index values several times per day, usually following something "patriotic." As another sign of desparation in "high" places, this radio plays nationalistic music all day. Several versions of the Star Spangled Banner, God Bless America and America the Beautiful are "hits" right now. I hear each of these usually twice a day. In addition, regular "songs" entitled "I'm an American Dad" and "I'm Proud to be an American" are played constantly. What's the point of all this? While the deejays read off the equity indexes with simulated heart-felt fervor in their voices, they never mention the price of gold or other commodities and never mention forex quotes. Because of the role the equity indexes play in the push-button manipulation of the typical tuned-in person's mind (the majority I'm afraid) coupled with the level of desparation the plutocracy feels over the precarious situation they, and all of us, are in, quite possibly it has reached they point where they simply cannot tolerate even one down day, as several Stoolies have suggested. I am thankful the French Franc is no longer a currency.

 

I was looking for the Comex Crush, and sure enough it appeared. After that, I check in on the indices frequently, waiting for the inevitable boner. It never printed. I suppose the price of gold possibly really just went down for its own reasons, though I simply find that unbelievable. Perhaps they are sandbagging the phantasm money they create from this ploy for a jam job concurrent with Greasepan's announcement on Wednesday. Another possibility is they attempted the jam job right away, not wanting even one major down day, and it simply did not work. They have used the Comex Crush so often, the market possibly has developed tolerance and does not get a "high" from it anymore. When a junkie first gets started, the high is very euphoric, and this motivates the start of the addiction. As time goes on, more and more junk is required to produce the same high. Eventually, euphoria becomes completely unattainable, and the junkie simply needs to shoot up to keep from feeling miserable. Market manipulation seems to follow this same pattern quite precisely. Possibly the Comex Crush does not produce its high anymore. Then again, they may be sandbagging the phantasm money they raked in from gold that does not exist anywhere on the planet. Time will tell. This is something to watch, both tomorrow and on Wednesday right before the Greasepan announcement.

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Yesterday's trades produced a 40 pip/lot profit in USD/CAD and a 25 pip/lot loss in AUD/USD. I was short Uncle Buck in both. I was 50:50 between the two, netting a 15 pip/lot profit for the day. What the hell. A small profit is better than any kind of loss.

 

Today's curve-fitting again showed potential in AUD/USD, and also in EUR/GBP and EUR/JPY. As a new tweak, I'm now fitting the 21-day and 34-day cycles on all daily fits because I want a tighter analysis of the intermediate-term background I am operating in. This is the AUD/USD daily.

post-3-1056437823_thumb.jpg

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The AUD/USD printed a little bit of an after shock from last week's bankster jam, and that's what stopped me out last night. I trusted my fit, not expecting the down move because this pair had not been impacted last week. The after shock was small, nothing compared with the 200+ pip boner in USD/CAD last week, yet it was enough that the usual price/cycle correlation still has some settling down to do.

 

The hourly fit adds the 8-day and 2-day cycles. When I last looked, the quote was around 0.6640. I won't enter a trade in this pair unless it drops below 0.6625 within the next 6-7 hours.

post-3-1056438788_thumb.jpg

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The EUR/GBP hourly fit also shows a turn up as the daily fit does. Added to the daily fit cycles are the 8-day and 3-day, which are the two shorter-term cycles that provide the best fit. I had an entry below the fit, which I took.

 

buy at 0.6931

limit at 0.6981

stop at 0.6906

post-3-1056439057_thumb.jpg

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Finally, the EUR/JPY price was unfortunately on the wrong side of the fit curve. Furthermore, the price was up around 136.2 when I last looked, even worse for an entry. I missed the boat on this one. I'll have to get lucky and catch the price down around 135.8 within the next 6 hours or so to get a trade.

 

As with EUR/GBP, the shorter cycles are the 8-day and 3-day.

post-3-1056439308_thumb.jpg

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Decent bearish day here....All Ords closed -23.8 (-0.8%) with mobs of red but wary of a bounce at this stage. A lower high would suit me just fine.

 

Golds took a bit of a pounding. Very hard to work out what's going on there in the short term so sitting out at this stage.

 

Asia took a beating and Europe looking despondent...

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Yep,Aussiebear.Europe looking despondent.Prez shown on tv

exhorting the miserable Europeans to allow GE food from Africa

to help the Africans and of course Monsanto!

 

Moanin' from A'dam.

 

AEX suffered a biggish loss yesterday with more than 3% down.All due to a couple of index heavyweights (Unilever and Heineken) giving lowered expectations for profit and turnover.They each lost 10% plus.Not bad going for two large "stable" companies that are the backbone of many Dutch fartpolios.

 

I know that from looking at local chat sites that UN has been a short candidate technically for some time.And everytime the shorters and put buyers came in--they ramped it back up.

This went on for about 4-5 months until everyone gave up and the day after scam week the ass drops out of it!! Just for fun,I looked at the short interest on UN at Schaeffer's.Guess what?

It has been steadily reducing to the present value of 0%.Get the idea that someone somewhere knows about these things in advance.

 

Today,still going down.Index back into the old trading range 270-295.Just about the only world index that never got above its 200 dma.Despite having 30% index weight in bonkers,it still can't manage to follow the BKX and that has now reached its multi-year resistance line.

 

So it looks like it's onwards and downwards from here on in--per ardua ad fundum and all that.

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Good evening/afternoon/morning Stoolies of the world!

 

Paranoia 6/23/03

 

Is Doc like one of those sandwich board guys? Or are traders the ones who are paranoid. Read all about it! In today's Anals of Stock Proctology.

 

Get instant access!

 

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Now lets talk about our situation. Dire straits my friends. The new subscribers are a big help, but the tidal wave of cancellations over the last six weeks has put the Stool in the stool. Doc is working like a madman to promote new subscriptions, but there are a ton of skeptics out there. That will not stop Doc however! He will resort to whatever measures are necessary to keep the Stool at your disposal! He will sell the yacht. He will sell the mansion in Palm Beach. He will sell his far flung real estate holdings. He will sell his WalMart stock which he bought in 1972. He will sell Madame Stool... Wait, cancel that. He will even go back to his old job at the convenience store if necessary. Or work part time as a ticket taker at the midnight movie.

 

Yes, Doc needs and wants your support. Go forth, then and spread the Stool! Be a Johnny Applestool. Drop those little pearls of Stool all around the message board world. Don't just stop with the bear boards. Leave 'em on the Raging Bulls, and the Fartley Mules, and The Sillycon Investors, and the Clear Stations. Get yourselves banned if you have to. Emergency situations require emergency measurers!

 

And if you are hesitating about subscribing, NOW is the time to do it! Do not wait until after the collapse of this financial house of cards. (The markets, not The Stool. :lol: ) Then it will be too late.

 

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Many tanks for your support!

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