My favorite quarter of the year is slowly drawing to a close, with Memorial Day in the U.S. demarking the beginning of the long awaited vacation season. It’s been a long winter and we haven’t really seen much of a spring over here in the Mediterranean to be honest. The past three months brought us only a few warm days as the general theme was dominated by rainy weather, cold spells, and even a patch of frost in late April that damaged a good number of vine crops up North in Southern France.
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.
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.
I feel like I’m on a tape diet as of late. Amidst surging volatility finding technically promising setups has been difficult as many of the most crucial moves happen after-hours or are preceded by massive intra-day volatility almost guaranteed to touch your ISL. And if you manage to get a seat on the bus good luck holding through deep retracements and sudden double whips triggered by rumors, Fed/ECB/BOJ machinations, or the occasional talking head trotted out to bang the tape in three directions.
Basically it feels like 2008 all over again – well, not quite to be honest. The damage thus far has remained contained as equities are still trading near their respective [...]