It’s MLK day and I don’t really expect anyone to show up here today. However the weekly stats have been run and are waiting in the bullpen plus Tony promised to post a few specials throughout the remainder of this week. And let me tell you – it’s very actionable material you’re not going to want to miss out on. But for today let’s kick back and peruse the statistical odds for week #4 2020.
When it comes to financial news in particular, can you remember reading a single bullish headline over the past week? Or perhaps over the past month? The past year? Past decade? Me neither. Instead it’s been doom & gloom every step on the way up from SPX 667 back in 2008 to now over 3300 eleven and some years later. If nothing else the political culture war triggered by the election of Donald J. Trump has only served to exacerbate a mainstream media landscape addicted to that next juicy bit of angst inciting clickbait.
If I could have a penny for every setup I felt enthusiastic about and that invariably blew up in my face I would be… well, a lot richer than I am. To be honest when it comes to picking juicy entries off a chart I rank about average. What may set me apart from the rest, and what has helped me survive in a wide range of market conditions over the years was learning to overcome my instincts and engage in setups that scared the heck out of me.
It’s insane how time flies. We barely packed up our Christmas decorations and before you know it’s mid-January already. So late last week we saw the beginnings of a possible pull back off yet another all time high in equities. Let’s explore the odds of a continuation but first here’s a quick glance at the E-Mini futures: