This Week Is A Wash
As you probably are aware, starting today the remainder of this week is pretty much a wash as we are being graced with consecutive Fed, ECB, or BOE policy updates. Which of course means choppy tape and intra-day volatility all the way through mid Friday. Oh joy.
Why can’t they just get it over with and schedule this stuff on the same day once per month?
And quite frankly I for one have better things to do than to watch yet another ping pong session whipsaw around the 100-day SMA. Nothing is going to be resolved here until all the fat cat banksters have meowed.
My long position has finally met its maker and fortunately it had reached 1R MFE beforehand which advanced my stop to break/even, as I would otherwise be out 1R at ISL.
Bonds have punched back this week and the ZB even managed to climb back > its weekly support line near 142. Now this may just be a last kiss goodbye and thus I would be tempted to grab a short position on a drop back below.
The Dollar continues its rampage and it’s not taking any prisoners. Loving it as it’s really helped my EUR/USD exchange rate. Shit was getting expensive over here!
Speaking of which, we are approaching a monthly NLSL at 1.157. A drop below that gets us to 1.15 where I would be a buyer on a short term bounce.
Public Service Announcement
Given this week’s event schedule I’ve decided to take Thursday and Friday off**, effectively making them ‘un puente’ (a bridge) as they say over here in Spain. But don’t think I’ll be sipping cold beers whilst ogling bikini beauties on some Spanish beach.
For one the entire region here all the way to Alicante is on jellyfish alert, plus I have a ton of debugging to do in order to kick a new IV strategy out of the door. Have worked on that one for over a year now (no joke) and it’s almost ready for prime time 🙂
See you on Monday!
**Barring any major market moves.