Under The Weather
So I was starting to feel better on Saturday when I made the mistake to head to the gym and hit it hard. I started to feel super exhausted on Sunday morning and woke up today with a cold. As you can imagine I’m pretty miffed about myself – it was supposed to rain Sunday and Monday (and it did), which is why tested my luck and went to the gym in the first place. Did I ever mention I absolutely loath winter?
It’s funny how the bears are always pining for massive corrections which they most of the time are unable to participate in. It’s not just that large scale corrections only happen perhaps 5% of the time – it’s also that they are extremely difficult to ride out. Just look at the gyrations on our hourly chart. Up – down – up – down. Almost every retracement is recovered and stops are run in both directions. This is usually how it goes except for the big (third wave – cough cough) wipe out somewhere in the middle.
Right now the spoos are at the 25-hour which only represents soft resistance. However if you are looking for a good place to be short then this is probably as good as it’ll get. If equities continue higher from here then we are looking at a much more complex formation and who knows how the rest of December is going to flow. The second hurdle is obviously the 100-hour at around 2025. So these are the two inflection points right now: 2010 and if that goes 2025.
The Dollar is looking weak this morning and I grabbed a tiny short position here with a stop at 88.9. The reason why I’m risking it is because of what I’m seeing on the Euro:
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