The mindset of the average retail trader is pretty predictable. For example, if markets are strongly trending to the upside then most participants wonder: ‘how much more upside?‘ Inversely if markets are falling hard for days on end then most of the discourse revolves around ‘how much more downside?‘ If however we’re stuck in a sideways range then all they can think about is: ‘how much more of this’?
In retrospect I should have extended my vacation until after Eastern, however it is sometimes difficult to optimally consolidate U.S. and Spanish holidays. Now I hope you enjoyed your extended Eastern holiday weekend but now it’s time to kick things back into gear. The futures markets in particular are looking very juicy this morning, so let’s cover equities first and then jump into some setups:
That’s right – the Mole is back! But this time it’s without any vengeance as I feel zen to the max after nearly two weeks of soul soothing silence on the beautiful island of Tenerife. Fortunately the journey back to Valencia was mostly uneventful; the exception being a plane full of Spaniards prepared to riot when they were told that they needed to remain in their seats until our plane had actually stopped at the gate. I humbly suggest that any airline operating within the Spanish peninsula equip their flight attendants with whips and cattle prods. Apparently verbal instructions issued by the pilot or flight crew are considered to be mere suggestions. May I add that [...]
Earlier this week we visited Masca which is a small mountain village on the West Coast of Tenerife. You can actually take a taxi boat to a beach below and then hike all the way up to Masca and back, which should take you about five to six hours. We however got a late start and decided to just drive there instead and then hike half way down the trail and then back. Which actually turned out to be the smart thing to do as we ran into quite a few fellow hikers on the way who were dripping wet and looking pretty exhausted with glowing pink skin from excessive sun exposure.