iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,700 Blog Posts

Let’s Analyze This Big Rally

News broke last night that China would meet with America to resolve the trade war. One day before, Hong Kong ceded to protester demands and canceled their extradition agreement with China. On this news, stocks have been flying off the handle for the past two day, pushing rates up, and gold lower.

What in the fuck is everyone smoking? I’m not one to piss on parades, but I’m here now on the roof, urinating onto your heads.

This is the biggest farce I’ve ever seen. The only caveat is Trump’s twitter account likely to remain silent about China from now until then. If that is your reason for buying today, so be it. However, just know, it’s all bullshit.

At a minimum, we’re going to pull in from here.

As for gold, I’m mixed on it and need to see some strength into the end of day.

I’m 30% cash in my trading account, with an honest bias to the downside from here. If I see price action doing what I think it’ll do, I’ll throw some hedges on quickly.

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4 comments

  1. bambam

    Trade War On!
    Trade War Off!
    Trade War On!
    Trade War Off!

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    • 0
    • 0 Deem this to be "Fake News"
  2. MSGT HARTMAN

    +35.23% YTD

    • 1
    • 0
    • 4 Deem this to be "Fake News"
  3. metalleg

    Gold to record highs?

    No reason to think the catalysts that have been driving the increases in gold and silver prices will disappear.

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    • 0
    • 0 Deem this to be "Fake News"