We had our share of lucky entries here in recent weeks but the one last Friday probably takes the cake. If you recall my evil plan was to wait for a drop to ES 2176 and then take out a long position assuming that the Zero wasn’t flagging red. Apparently Mrs Market was in a favorable mood and decided to grant me my humble request:
Alright, clearly we find ourselves stuck in yet another sideways summer churn and if we’re not careful we may just turn our trading accounts into green butter. Or worse: margarine! In case you wonder (and I’m sure you are) I actually didn’t lift that pic off of Vivid’s Swedish edition (unfortunately my membership ran out). No, it’s actually from the 2014 Eurovision Grand Finale. The music really sucks but their rather well rounded performance has convinced me to explore my hitherto undiscovered Slavic roots.
It’s the height of summer, it’s hot as hell, and like most of the crew here I was planing to phone it in today. Unfortunately I couldn’t help but check my chart and thus notice this delicious little formation on the short term panel just now. And here I am writing another post down at the lair instead of kicking sand at wimpy pink German tourists at the beach right now. I kid you not, I saw Merkel yesterday touring the city with a ‘Spanish Refugees Welcome’ sign.
An old friend suddenly showed up out of the blue yesterday and I’m not talking about a contributor who had washed out and, after years of ‘working for the man’, decided to return for another whack at beating the market. Instead I am delighted to report that I am looking at a bonafide confirmed VIX sell signal which we haven’t seen for ages here.