Bottom Feeding
Bottom Feeding
Equities dropped lower overnight, once more making my point that throwing money at premature contrarian positions is tantamount to gambling – sans the sun and pretty girls serving you drinks with little umbrellas.
So next time you’re ‘feeling lucky’ and your fingers are itching then do yourself a favor and instead charter a flight to Vegas. At least there losing money can be entertaining and if you play your carts right then other ‘perks’ are available to you – ahem.
That said I may be testing my luck by grabbing a small long position after a little bounce higher. Technically speaking this tape looks bearish as hell and if stopped out I intend on flipping for a short position, assuming the Zero is not painting a bullish divergence.
AUD/NZD – I suggested this one the other day and it’s still looking good. However I think we should wait for a real touch of the diagonal and perhaps a little dip lower followed by a recover. If that happens then be long with a stop below the prior spike low.
More forex fun below for my intrepid subs:
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Cheers,
