As I’m officially in charge of the sarcasm department here at Evil Speculator I am known to occasionally post irreverent themes around major holidays. But not this time. Not today, I’m afraid. Although I do not consider myself to be a strongly devout person I was raised within a strongly catholic culture (Austria) as a child. Since then my personal beliefs may have wavered over time, but even during my hyper-agnostic years I always maintained a deep admiration and gratitude for the immense cultural heritage I and others around me had been bestowed with and were permitted to take for granted.
Living in Europe I mostly follow the index futures as the underlying cash indices only offer me mostly supplementary context during the RTH session. Although I do enjoy trading stocks and in particular their options the limited trading hours are not just challenging (and sleep depriving) for someone located in Spain but it puts strict limits to the type of activities or systems one is able to pursue as a trader. And this spells particularly true in the type of market we have increasingly found ourselves over the past few months:
The ascend in equities since the lows right after Christmas of 2018 has been nothing short of stratospheric and nearly matches the time period of the preceding descend that launched in mid September. Which is rather interesting advances traditionally are known to be slow and awash with a multitude of retests.
Equity futures have pumped higher overnight on economic data coming out of China once again bolstering confidence in the resilience of our global economy. Or that’s at least the explanation you are going to see being served up in the financial media, which never tires in providing a service that never has and never will offer any serious trader a competitive advantage.