Tired. Just Tired.

It’s been a rough week for me and it’s not because of the market, which in fact has treated me pretty well over the past few days. Instead putting together a webinar for Scott’s crew pretty much ate up all of my available time over the past week and at this point I’m just exhausted. So let’s dispense with the courtesies and cut right into the meat, which clearly is looking pretty bloody at this point.

The thing about medium term as well as secular market corrections is that people keep waiting for the reversal that never materializes. What they get instead are quick bounces that are rapidly being sold off again. As you recall I lost four lottery tickets (and about 1.5R combined) doing the very same thing until it became clear that it’s not going to be bizns as usual this time around.

And when the market environment changes you better adjust to it or end up getting rolled over.

The long term panels above show us potential support at the ES 2600 mark. I’m sure a lot of people are looking at that but then take another look. WHEN was the last time that these SMAs were touched – especially that 100-week SMA? It’s been a long time and in the case of the 25-weel SMA it’s been almost two years.

So this is what we got – NOTHING in terms of real technical support we could hang out hats on. Drawing lines on a chart is not going to make the market obey us. That would be peachy but it simply doesn’t work that way.

So instead what we did was to simply trade the tape in front of us, which is the prime gospel we’ve been preaching here at Evil Speculator for almost a decade now. And we’re still here while everyone else was taken the woodshed, one by one.

My current shot campaign is looking pretty solid at this point and I’m moving my trail to 1R. No that’s not a huge win but believe me when I tell you that any profits during bear markets are hard earned profits and should be respected. Market corrections aren’t the time to start experimenting around – you stick with the script and work on keeping your emotions in check.

And I wasn’t kidding about those snap-backs, was I? Exactly what I predicted to you – on several occasions – after having had the dubious honor of trading through the 2007/2008 market crash.

The Mole knows and respects the bear and his primary focus is on not to be eaten.

Meanwhile the Dollar is on a rampage – gee, I wonder why. Well, for the noobs, it’s considered a safe haven in times of market upheaval (don’t laugh). Still pisses me off that I got stopped out for a bit over 1.5R near 95.2, but that’s life as a trader. You roll with the punches…

Strangely the USD/JPY hasn’t been moving much while the EUR/USD is now falling rapidly (wohooo!). The big inflection point here IMNSHO is 1.1301 – a drop through that and they probably trod out Draghi to say something dovish.

Now that they foolishly abandoned the Deutsche Mark the Krauts really hate it when their new pet currency drops near the almighty Dollar. I have a special bottle of Cristal waiting for the day when the EUR finally reaches par on the Dollar and then keeps on falling.

I’ve got a special goodie for my intrepid subs – please meet me in the lair:

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Alright, you know where to find me. Have a great weekend and if you played by the script this week then have one on me.