The Ides Of March (Idus Martiae in Latin) was a day on the Roman calendar that corresponds to the 15th of March. It was marked by several religious observances and was notable for the Romans as a deadline for settling debts. In 44 BC, it also became notorious as the date of the assassination of Julius Caesar which made the Ides of March a turning point in Roman history.
Yesterday’s short squeeze in equities has advanced the line of scrimmage back to the old cluster of resistance near ES 2790, which now opens us up to three distinct scenarios. Two of these scenarios support a medium to long term bullish scenario while the remaining one is dangling a juicy chunk of red meat in front of bears’ noses. So what is the best play here? It all depends on your trading window.
So the good news is that I arrived here in beautiful Sète (France) safe and sound yesterday afternoon after landing in Marseille a few hours earlier. The flight was short and uneventful which is exactly the way I like it. The bad news that I spent my first morning here being poked and prodded by a French dentist. Yaaayyy!!
ECB President Mario Draghi ends his eight-year mandate this October and market participants are now starting to wonder what direction the central bank will take after his tenure finishes. In the interim it seems that Mr. Draghi, true to form, has been compelled to not rock the boat ahead of the upcoming European elections this May. No surprise there as Euro skeptical parties are already polling double digit increases, almost assuring a decisive defeat of the current status quo in Brussels.