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.
Let’s not beat about the bush and call what happened during yesterday’s session as what it represents: a possible game changer. I’ve slipped in that weasly adjective as nothing in the world of trading is ever guaranteed.
However that said: Unless some miracle occurs today and the bulls drive the E-Mini back > 2750 the gist pretty much is up for the foreseeable future. Let me how you where it all went horribly wrong:
The market speaks to us in many ways and one of the most effective means of direct communication is how it measures up against our open campaigns. Now having been at this game for more time I care to admit I have developed a discipline of observing the probabilities of outcome at every stage. Which is in part why I keep posting on this blog, beyond an additional (small) source of income it forces me to express my views and trading activities as succinctly and clearly as possible.
This may sound a bit strange coming from a born German (and now proud U.S. citizen) but I’m actually quite a fan of Sir Winston Churchill as I was always fascinated by his irreverent personality. He had a very interesting upbringing as a child due to a rather complicated relationship with his then renowned father. What’s most compelling however, and what stands in stark contrast to the so called political leaders of today, is how he actively sought out seemingly unsurmountable challenges and then faced them head-on and without compromise throughout his entire life. He is remembered by many timeless quotes but here is one of my favorites: