So we are back in Slovenia after a short stint into Austria. Originally we were planning on spending the remainder of our time in Corinthia but ended up changing plans after realizing that the apartment we had rented was in a very noisy part of town with incessant street traffic. Plus half my family was in bed fighting some nasty flu – not something we wanted to risk catching while on vacation.
Once again the market gapped down at the open but bearish exultations were short lived as price quickly turned and proceeded to squeeze higher throughout the rest of the session. And unless futures turn on a dime in the next hour or so we are looking at yet another gap lower at the open this morning. Are we having fun yet?
It’s very tempting to start looking for long entry opportunities after a series of nasty sell off. Clearly there couldn’t possibly be more selling around the corner after an entire month of upside progress has been wiped out in a matter of days, right? WRONG. Gauging downside price action by comparing it with upside price action is a flawed perspective that has cost the trading accounts of a many traders.
So I’m scheduled to go under the knife tomorrow morning. No worries, it’s nothing major – just a small cyst removal during local anesthesia. Odds of survival are reasonably high but on the other hand it’s a Spanish vet, so who knows? Assuming blood loss can be kept to a minimum I also seeing my dentist just a few hours later, which should be interesting as the surgery will be done on my back. All in all I don’t expect to be in a state of mind conducive to market analysis throughout the rest of the day week. Instead I’m thinking Netflix, a pizza, and a tall bottle of Bourbon.