Under The Knife

So I’m scheduled to go under the knife tomorrow morning. No worries, it’s nothing major – just a small cyst removal during local anesthesia. Odds of survival are reasonably high but on the other hand it’s a Spanish vet, so who knows? Assuming blood loss can be kept to a minimum I also seeing my dentist just a few hours later, which should be interesting as the surgery will be done on my back. All in all I don’t expect to be in a state of mind conducive to market analysis throughout the rest of the day week. Instead I’m thinking Netflix, a pizza, and a tall bottle of Bourbon.

So what’s going on in the market? My E-Mini campaign did not survive yesterday’s session (bad omen?) and I’m out at ~3R in juicy profits. I guess I could have trailed a bit looser but that’s easy to say in hindsight.

There were several occasions where I did trail over 1.5R away and then still got snagged. There is only so much one can do via campaign management when intra-day volatility far exceeds that of the daily panel.

All in all it’s been a strange advance which has left many participants, bulls and bears alike, relegated to the sidelines.

My crude campaign also almost got snagged but remains in the running with a trail at 1.5R. Nothing really to be done here right now. Either she explodes higher or we’re seeing another retest of the daily Net-Line Sell Levels (NLSLs) at 63.55.

I kept the best for last: King Dollar once again is on a rampage and I just advanced my trailing stop to the 3.2R mark with almost 5R MFE in paper profits. Insane and I have an inkling this one just got warmed up, which is why I’m trailing it loosely.

The long term panel gives you a good idea of what I’m talking about. With the brick wall at 97.5 finally behind us the sky’s literally the limit. As a matter of fact let’s consult the old market oracle:

Good news! She looked deep into her crystal ball and the number that popped up was 102.75, which is our new bullish price objective. Boy, that’s a lot of ill-gotten coin if we manage to trade it all the way up there.

On a side note – if the European elections next month swing the way I think they may then we could easily see a MASSIVE spike in the Dollar (and equally massive tumble in the Euro) as Brussels and its over leveraged central banks will switch into panic mode. Boy – what a time to be a nefarious market megalomaniac 😉

Alright that’s all I’ve got for this week. I see you on Monday morning – bright eyed and bushy tailed as usual.