Apparently Ozzy was right, there’s no rest for the wicked. It’s been an awesome Christmas season thus far and there appears to be no stopping the current equities rally. After an obligatory down session prices are pushing higher yet again and I’m actually considering a re-entry on a small dip lower today:
Equities have come a long way since our fortuitous (but most deserving) entry last week. Exhibiting an irrational exuberance exceeding even ole’ Greenspan’s wildest imaginations indices have mercilessly pushed higher way beyond our initial profit thresholds. Which means now it’s time to pack it up and call it an awesome Christmas rally.
Call it what you want, the Trump Election Ramp or the Farewell Obama Rally – it’s been a great ride for us and we’ll be wrapping up another profitable week. And boy do we deserve it after fighting off rattlesnakes, blood leeches, and sharks with laser beams for most of the year. But that’s how it goes really as a trader. You work your butt off every single day but the most profitable earning periods often come down to just a few weeks. Of course if we knew which ones in advance then being a trader would be a lot easier. Absent a crystal ball your default mindset should be that every single week may be the one. Okay, granted -maybe except for a few mid summer [...]
I have an early appointment today so please forgive the brevity of this post. In essence your mission for the day is to parse your charting universe and then meditate on the fact that nobody in their right mind (which doesn’t include us of course) would have predicted a stronger Dollar and raging equities after a Trump victory. Which once again comes as a stark reminder that any aspirations in regards to predicting the future are utterly foolish and should remain relegated to the mental purgatory of the hapless retail victim.