Good morning everyone.
A little frustrated yet? ( Seriously……you can’t make this stuff up. ) Yet another “overnight session” with The Nikkei turned away at the top of this “every lasting range”, SP 500 “breaking its upward trendline” and EU stocks still weak – but hanging on.
Absolutely “agonizing price action” here during these low volume summer days.
Under any “normal circumstances” I’d be pushing the pedal to the metal here considering we are literally “on the cusp” of risk rolling over, and our correction taking place but…..these are certainly not “normal circumstances”. Volatility has been squashed as The Fed and our friendly Central Banks have literally “killed speculation”.
If in general I wasn’t so aggressive / willing to slug it out….some of the best advice I’d give ( at least for new comers ) would be to just keep positions small, and find a way to deal with this “psychologically” as……..it’s really come down to that.
This thing will have you question every single strategy, every single technical indicator and every single you “thought you knew” about trading. Don’t let it get to you. It’s a market condition “rarely seen” and it’s this way by design.
You’d have to imagine that “there really are no people” in the market right now.
With summer holidays in full swing, the general lack of volume, the “overly involved” Central Banks and of course the HFT machines….we’ve really just got “a bunch of computers trading small lots to one another” keepin the dream alive.
We threw fundamentals out the window some time ago.
It looks like Obama is gonna keep poking that stick into the “Russian bee hive” still looking to get some kind of reaction out of the cool , calm and collective Putin who continues to exercise patience. Careful there Obama……keep poking and you might just get stung.
Of course…..that’s what Obama is hoping for, as now it appears he will go to the absolute lowest levels to provoke Russia, get his “war underway” and keep that reserve currency ponzi going as long as he possibly can. Careful there Obama.
Oh…..and Microsoft announcing they will cut 18,000 jobs this year.
Now if that’s not a sign of economic recovery I don’t know what is??