Unlike the majority of the people currently debating the merits or risks of a confrontation in the Korean peninsula I actually have spent a bit of time in the region (Seoul and the surrounding countryside). Thus I have had the opportunity to develop a basic understanding of the country, its amazing people and culture, its industry, and the geo-political situation in the region.
Draghi is busy kicking the Euro all over the place right now and posting setups in a volatile situation prior to the open isn’t exactly my favorite pastime. Plus I’m currently considering seppuku as I’m watching my favorable exchange rate slowly swirl the big forex toilet bowl.
Sorry lads (and ladies), we’re not going to talk about thigh gaps today although it may easily double traffic numbers here. Instead we’re up for another lesson in tape reading but I think it’ll be very worth your while. So, courtesy of our croissant dipping friends in France we all were bestowed with a fairly large opening gap across U.S. equities on Monday morning. Now opening gaps, especially in equities, often have a nasty habit of filling shortly thereafter, which then offers participants a tasty inflection point for getting positioned.
It seems everything made a u-turn yesterday which of course affected our campaigns across the board. Let’s review the damage but instead of licking our wounds we’re actually going to use this as another valuable lesson in tape reading. That’s right – when sudden events knock you on your ass then learning from the experience is mandatory.