Firing it up. Not much to say except I expect the action to be wild, in a 'good' way. Lots of volatility, lots of action.

It's risky to predict before seeing where the market reopens, but I will try with the Euro and my preferable scenario.

I wouldn't be surprised if it gets to 1.0930 an hour before the European open.


Then they may send it down to 1.08.


And later on slightly to above 1.07, assuming higher volatility than usual in the last couple of weeks.

So, Australia is looking to tax bank deposits. It just keeps happening, day after day the madness, every day, and no one says a thing. Many banks are now at negative interest rates (you pay to have money in there), the real world inflation rate for the middle class is upwards of 20%, surely way above 10%, so money is losing purchasing power at a rapid rate. And now, in addition to that, that's not enough for them, they will now tax you on the money you have in there. Wait, didn't I pay a crazy amount in income tax on that money already? Yep, now you can pay tax for having it, in addition to that. Okay, what if I take it out? Nope, they just pushed a new thing out there that if you take basically any money out in cash not only do the banks have to fill out a suspicious activity report to the feds, they will now be required to call the police. Imagine that, the police will be told who you are and what amount you are carrying, in this day of civil asset forfeitures gone wild*. Okay, I'll buy gold and put it in my bank safe deposit box. Nope, that's money laundering. Say what? In the past every last person I know who had gold had it in their safe deposit box. Buzzy Schwartz, the one who wrote the trading book, describes in there going for his gold in the safe deposit box when the markets were melting down. Nowadays, that's a big time felony. You do that, you won't see the light of day, ever. Surely all this is from some dystopian novel, right? Nope, that and a zillion tons more is all true, today, right here in this and many other countries.

* I can't recall if I told this story in here or not. I was trying to help a family member to see if a will probated. I looked online at the county website for public documents. What I saw shocked me. Beyond shocked me. I found like one probate, two county bonds issues, one other small thing, and I stopped at fifty pages of asset forfeitures. Pages and pages, each with like twenty entries, for a medium sized town, and a well-known tourist town at that. Most people think of the forfeitures as big, and many are $20,000 or so, and some much bigger. But a recent article said in some areas the average is $37! Most of these were around $300. They pull you over, ask if you have any money, and then take it. Thousands of forfeitures just in this one area. The numbers are well into the billions per year in the U.S. The vast, vast majority is simply strong-arm theft. And the goob-er-mint gets 20% of the take. This is insane. There are many places around the country that train police how to maximize the take. I also read that the IRS has now taken to liquidating bank accounts with no notification, no audit, no anything, they just take them. We got bail ins, we got all these agencies taking the money, we got gold as money laundering, taxes and negative interest rates, someone please wake me the F up.

I know this is a trading thread, but since I'm the 'owner' (of the KT forum, not the MyPivots website, obviously), I can break the rules. One other crazy thing about forfeitures, the defendant is not you, it is the item taken. I read about this, and the records I saw supported it. In one case for a traffic ticket or whatever it said the county (or town, whatever it was) vs. John Doe, as expected. In the forfeiture cases it said the country vs. defendant $324, or the county vs defendant $37 or the country vs. defendant 1985 Chevy Impala. Is this just nuts, or what? You can't go and defend yourself because you aren't involved. You haven't been arrested or found guilty of anything, you aren't even being accused of anything. The money is guilty of a crime, and they literally ask the money how it pleads, it doesn't answer, and they say guilty and it's theirs. WAKE ME UP!!!!!!!!!

Like I said before, this ES long is looking great.

I'm thinking 84-85 before the open?

That was a nice little add-on spot there to load the boat.

Yeah, there are some thing from 66.25-69ish (like the ABCD...), but I doubt that will turn it more than a small reaction. We'll see, though.

Yawn. Ho-hum. That's not for being tired, it's because it's just so basic, so simple. 69.00 draws the checkback. The add-on area was dead on, pumping out over 12 additional points. The play has been magnificent so far. Even if it's done, it was spectacular. And it may really get going, who knows. The move was 21.75 off the low by my data. Hmmm, 20+ again. And a move of over 20 points on a Sunday night, well, what's wrong with that? Okay, back to sleep, I'm hammered. Maybe I should spend the rest of the night, what's left to it, on the office cot. This is great action. Good thing there is such a thing as a trailing stop...

Given the timing factor I have to update my area for the Euro from 1.0930 to about 1.0910. I still think they may send it there before the next move down.

Wow, Jim. You stay awake for so long, I can't imagine.

That reaction in the ES to the jobs report really was something. The higher the Euro moves, the more excited I get for the short side. I think I would get a lot more pleasure riding the Euro down to the 80's, and into its final end as a currency, than I might get from riding the ES down to 400. Okay, well, it would be a tie, I guess. None of those emotions fit well on a trader, but I'm only human. As long as I can separate the moves I'd like to see emotionally from what the technicals and such say about what movement the odds favor at this moment, I think it's okay.