FOMC Stand By Mode
In case you haven’t heard – we’ve got FOMC minutes on the roster today. As usual they’ve scheduled it mid-session, guaranteeing marginal participation for most of the day:
After a promising start yesterday equities were sent to the woodshed overnight. My long position with it of course. Right now I see zero entry opportunities here – quite simply it’s not advantageous to find yourself so close to medium term support hours away from an FOMC announcement. Volatility is almost guaranteed to take you out.
Miraculously the bond campaign survives thus far and I’m keeping it in play as it was a small position to begin with. Otherwise I would probably reduce my exposure as price has reverted near my entry and my stop is still at -1R. Not an optimal strategic entry in my book.
Alright, I’ll chime in here after the FOMC madness has subsided a little.