No Market For the Meek

And the fuckery continues. My apologies in advance for my crude language; but I think it does reflect the general sentiment among market participants these days. It hadn’t exactly been a fun year thus far to begin with – we have seen massive distribution across the front. Just when we thought that equities may pick a direction again we dropped into the summer tape, which has put us through a sideways ordeal of non-directional whipsaw. Even during the best of times it is tough to maintain a consistent edge as a trader – many have tried and very few manage to pull it off in the end. In market conditions like these however I guarantee you that even the pros are sweating. So treat carefully my dear steel rats – if you managed to not lose money in this market then you are a rock star.

It all started out beautifully on the E-Mini this morning. I snagged my entry and we dropped quickly until short term support near 2075 produced a rapid snap back and then some. Fortunately my system rules dictated to move my stop to break/even after 1.2R. I almost got to move my stop lower at 2R but the snapback was too fast.

So I flipped for a long position at my stop and am about to take partial profits. Technically speaking we are at an interesting junction here. I mentioned this morning that another FU spike higher was a possibility and this is around the point where the advance dies in its cradle or picks up some momentum. Anyway, I only have a tiny chihuahua in this fight – like most of you I’m mentally checked out of equities at this point. One of these days it’ll pick a direction – until it does I’m playing equities with petty cash.

Bonds however have played it by the script so far. Textbook entry and I’m moving my stop to break/even. Just look at the daily panel – now this is some tape I can sink my rat teeth into!

More below the fold for my intrepid subs:

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Cheers,