Living in Spain affords you not only the pleasures of to the Mediterranean lifestyle, its delicious food, and enviable weather, but also offers you cheap and quick access to a vast number of popular holiday resorts. For instance Valencia is just a two hour ferry ride away from the island Ibiza, and if you’re partial to summer nights dancing to Euro trance surrounded by scantily clothed sun kissed women then you are in luck. Or so they say – everyone knows the Mole is completely impervious to such hedonistic pleasures.
As I pointed out just yesterday: Nobody has a crystal ball in this game, and a ‘good call’ usually is the product of ample preparation combined with a generous helping of luck (that or a source on the inside). That said – we really avoided one big nasty bear trap there yesterday.
Happy Leap Day everyone! Friday’s quick stab to the upside not surprisingly resulted in immediate rejection as the range between ES 1960 and roughly 1990 represents the bull’s Rubicon on the way to a new period of glory and fortune. I expect the bears to heavily defend this range plus we’re in side a low volume zone, so expect whipsaw on the way up.
Quite a violent reversal there late in the session yesterday which confirmed my suspicions regarding the possibilities of a bear trap. Clearly a u-turn bounce like that would usually shift the odds toward continuation higher, however I can’t help but remain vigilant. This tape seems to have shifted into full scale Lucy Van Pelt Fake Out mode – unless you know who the sucker at the table is, odds have it’s you, my friend.