Sorry guys but casual Friday will have to be postponed until further notice as we’re too busy banking coin and taking numbers. On top of a veritable laundry list of winning campaigns over the past few weeks we managed to grab a very fortuitous entry on the E-Mini yesterday right ahead of the opening bell. As I was a bit pressed for time Thursday morning I thought it worthwhile to share some of my pertinent perspectives today, i.e. what caused me to suggest this campaign in the first place and how my initial beliefs were confirmed later in the session.
Over the past two sessions almost every market vertical suddenly turned on a dime, the one exception of course being equities as downside corrections have effectively been illegal since November of last year. You’d think retail traders would love it but it’s become increasingly clear that the pool continues to shrink, the only exception perhaps being the stubborn buy and hold brigade.
I don’t know about you guys but I’m definitely ready for October and what hopefully will turn into a solid earning season. It’s not that I don’t enjoy bearish tape but let’s be honest, August and September have been huge disappointments for the bears since the onset of QE. Now that it’s officially being shut down and rate hikes supposedly are on the horizon (I see it when I believe it) the grizzlies may have better luck next year. To me of course it’s all the same – up or down – I simply trade the tape that I am being handed.
Earlier this week we attempted a long campaign in silver which however was stopped out shortly thereafter. After the ensuing downside a new entry opportunity appears to be unfolding now and should be ripe for the taking in the near future. But let’s not rush into things, shall we?