Piñata Thursday Wrap Up
What a day! Cinco De Mayo brought us a much needed correction across the board. Crude, precious metals, equities – everything got hammered today like a stuffed piñata. That’s the way we like it and I think I’m going to have a sugar rush tonight when I celebrate CDM with my personal eye candy:
You have to admit – Ninel Conde is one sweet package. Viva Something!!
Anyway, here’s my wrap up on the spoos:
For a while it looked like the tape is going to close up EOD but that suddenly the tape turned on the dime. Not the first thing that’s happening in the past few days and it makes me a bit suspicious – it’s clear that institutions are playing this tape like a fiddle.
Geronimo has been killing it recently, especially since I added those short trade rules:
This is today – went long and then short – perfect.
And April 27th – three long trades that day.
See, that’s how it goes with automated systems. They go through sideways patches and it’s easy to give up on them when it comes to renewals. I saw a bunch of people drop off a month ago and I wasn’t surprised as that is usually what retail traders do. Professional traders know that systems have cycles and that you need to commit a minimum of three months to any system in order to make your own realistic assessment.
The main problem with retail traders is that they don’t think long term – everyone expects to bank instant profits and all that within one or two months. And by having unrealistic expectations of black box systems they seem to miss out on the good runs almost every time. The same story happened about six months ago – Geronimo went through a rough patch and then started running like hell for several months. Lesson learned? Of course not! 😉