If I would have to name one single quality in this game that separates the few winners from all the losers I’d point at persistence as what counts the most. There’s not one day that goes by when I don’t work my butt off to keep myself on the winning side of the tape. You’ve seen me post quite a bit of educational content as of late and it seems to have been well received as we got several likes by stocktwits and some renowned players. But at the end of the day knowledge and even skill means absolutely zilch if you don’t show up for work every single day and press that button when it’s time to take action.
Last evening’s weakness in equities continued overnight and we are now finding ourselves back at the diagonal support line that has provided an entry base for the past month. Although well established it doesn’t mean that support is chiseled in stone here, which is why I am considering a binary setup. Here’s how we play it:
We’re seeing quite a bit of intra-day monkey business over the past week on the equities side. Specifically I’m referring to gapping action, wild swings during the RTH, all in the context of minimal momentum (at least judging by the hourly Zero signal). Someone mentioned this morning that he has been observing a significant drop in L2 activity (i.e. b/a sizes and durations) over the past year and that does not surprise me as many large funds have been exiting over the past year.
Quite frankly I don’t really enjoy taking vacations very much. I used to love to travel back when I was a young buck, but since 9/11 the security rituals involved have become such a pain in the rectum that it’s hardly worth the trouble. Plus after Russia and China opened up most places are now completely overrun and you’re effectively competing with hordes of elbow pushing camera stick donning budget tourists eager to update their Facepuke profiles with carefully choreographed snapshots of their mediocre existence.