I’ve been in and out all day, and again return to my computer – only to find the same. It’s a freakin gong show out there! So if I can’t trade it – I might as well blog about it.
One of the most popular articles I’ve written “2013 – You Will Never Trade It” comes to mind.
The markets have more or less been grinding up a day, down a day for the past 2 weeks – and the direction continues to be questioned. Granted the overall trend is still up, but we’ve seen some relative short-term damage – and many factors have come in to play to suggest a correction is needed. The last week has had the Canadian “TSX” erase the entire 2013 gains to date, “Bank of Japan” has now become a household term ( a little late considering we’ve been talking about it forever) , and earnings are set to kick off with Alcoa after the close today.
If there was ever a time that one would be thankful to be safely sitting in cash – I’d say this it.
I made out like a bandit on the huge JPY slide over the past few months but admittedly – have 100% completely missed the latest ( and most massive ) move. It’s too bad – but its a part of trading, and so is life.
Forex has a funny way of “kicking your ass” so….when anything has travelled so far/so fast – you really can’t go chasing it. You get back at it….you apply what you know – and you find the next trade.
As it stands….and as boring a read as it may be for you guys – I still sit (for the most part) 100% in cash….taking the odd “little trade” here and there to keep the moss from growing.
Be safe – and don’t worry – things will get really, really exciting here soon.
This I can promise.