Once again equity indices have become stuck near important inflection points, which incidentally in my book are key thresholds from which shifts in momentum and trend changes can be triggered.
No matter if you are bullish or bearish – this will most likely be the most important update of Q1 2019. So it’s once again time to forget about the daily noise, take a few steps back, and look at the market from a 10,000 foot perspective.
I know – great timing on calling in sick on a sell off day like yesterday. But in my defense, the possibility of a pending medium term correction was discussed in rather exhausting detail in last Friday’s momo update. So plenty of ahead warning and if you cheaped out of a membership and blissfully bought the dip again on Tuesday, well then you only have yourself to blame.
I have said it before and I will say it again: Good campaign management is everything. And that spells double true in the type of volatile market conditions we’ve all been exposed to over the past six months. Every ambitious schmuck can eek out an edge when markets run uni-directionally but if nothing else 2018 has served to separate the wheat from the chaff in the trading community.
I swear I can’t take a single day off without you guys making a mess of things. Now although I was busy with some code refactoring and bug fixing duties I kept a very close eye on equities yesterday just in case there may be a reversal play at hand. But what I’m seeing thus far leaves me with a rather mixed perspective. It’s time for a late June gloom momo update.