Taking A Mulligan
I hope you don’t expect me to make sense out of that glorious mess equities have turned into over the past week or so, do you? Well, let me give it a best shot. Clearly the days of ‘stick to the script and BTFD’ ended sometime in late January. What has followed since is a rip-your-face-off whipsaw from hell we haven’t seen since mid to late 2016. Tough tape and everyone’s feeling the pinch, plus summer participation ain’t helping.
What’s most frustrating for trend traders in particular is that equities seem to turn right at the threshold of important inflection points, bullish and bearish alike. That said just looking at the daily panel from 5000 feet up it still looks like as if the bulls retain the advantage.
We are seeing long wicks on the lower side of candles and now a series of higher highs and higher lows. Meaning the tape still feels bearish but it’s gradually churning its way higher. What would put the medium to long term bullish case in question is a breach through ES 2650 followed by a drop through ES 2600. Until that happens I continue to look up.
Given the current formation on the short term panel I’m taking a Mulligan on that lottery ticket I got swiftly kicked out of (at break/even fortunately) on Wednesday. I’m long here with a stop below ES 2705, once again only with 0.3% of my assets as the odds of a big push higher today are limited. Which also means that I may make an exception and close out this position unless I see a convincing drive higher throughout today’s session.
That’s pretty much it for today on the trading front. I’ve been laboring hard behind the scenes setting up my own hypervisor on a physical hosted system which now runs my own custom configured VPS. I just tested the screen grabber I am using for the Zero and it works perfectly. Today I’m still going to run the Zero off the old VPS but starting next week we’ll be running it from my own brand spanking new colo system I have full control over (once I learn how to run it that is).
Plus as you know I’ve got my trusted PC on a stick that I can launch at a moment’s notice should there be an outage at the datacenter. After eight years of dealing with shoddy support from various hosting firms I’m pretty elated about finally being able to run my own setup.
But that’s not all, I am also shifting this website to a new hosting firm starting tonight. This has been in the making for a while now due to growing frustrations with the firm’s support. Over the past week I have been testing a copy of Evil Speculator which is currently running at the new hosting firm. Thus far everything appears to work fine and the plan is to swap over to the new hosting firm starting tonight. I will do the DNS change-over once everything is in sync with the existing site.
I don’t foresee any major problems but honestly these types of migrations rarely happen smoothly and someone always runs into proxy or cache issues. I will send out an email with instructions to everyone should you have any difficulties on Monday. Fortunately it’s going to be short week with most of you guys taking time off, thus it’s the perfect time for a swap over. If you guys run into any issues please feel free to email me at admin@. Otherwise, wish me luck!