My lottery long position got stopped out this morning and before deciding my next course of action, or perhaps lack thereof, I thought it best to consult my momo charts, in an attempt to gain a clearer perspective devoid of the daily noise. Unfortunately however this effectively has accomplished the exact opposite as I walked away even more conflicted than before.
Today marks the last session of November which is a good occasion to take stock where we are on the momo front. A lot of folks got blown out of their short positions on Wednesday and judging by the heated exchanges in the comment section yesterday emotions are running high, which frankly isn’t surprising after a year of constant nerve fraying whipsaw. It’s tested the mettle of even the most skilled traders and I wonder how many people would have simply taken the year off knowing what would transpire.
How time flies! A little over a year ago I introduced our Evil Speculator Statistical Tool (ESST), which offered everyone free instant access to comprehensive historical statistics on literally thousands of stock symbols. I don’t know about you guys but I find statistics delicious and cannot get enough of them. Although quite unique in its offering the ESST kind of lingered hidden away somewhere deep in the mirky bowels of the blog as I moved on to other projects. Well, that is until now.
Alright, you better grab yourself a tall cup o’ java or tea as this is going to be the most massive momo update of this year. And a rather tumultuous one it has been thus far, as it was literally plastered with nasty bear and bull traps. I personally think I’ve done a reasonable job of steering you guys through it, and aim to now bestow you with sufficient technical context to allow you all to greatly prosper in the final, most bullish, season of the year.