The famous order “Don’t fire until you see the whites of their eyes” is a battle cry which became known in stories about the battle at Bunker Hill which was fought on June 17, 1775, during the Siege of Boston in the early stages of the American Revolutionary War.
Yesterday’s late session hours presented us with a possible long opportunity but I wouldn’t blame you if you missed it. The divergence on the Zero Lite was pretty pronounced after the fact but proved nearly impossible to time.
A continued drop in equities overnight now officially needs to be recognized as medium term technical damage. After a year of sideways churn and burn (i.e. most of 2015) it now seems that the floodgates have now opened. We are seeing significant moves across the board in equities, bonds, in the futures, and especially on the forex front driven by a strengthening Dollar.
In case you haven’t heard – we’ve got FOMC minutes on the roster today. As usual they’ve scheduled it mid-session, guaranteeing marginal participation for most of the day:Not sure why this can’t be done in the morning so we can move on with our respective trading activities.