With no “specific driving forces” in markets here this past week ( and “seemingly not” this week as well ) it’s been a relatively tough environment to trade, as well get your head wrapped around in any fundamental capacity.
We get the usual flow of news and data from around the globe, siting an “improvement here”, and then a “disappointment there”, an “uptick in this” and a “downturn in that”, but nothing we can consider “earth shattering” and certainly not “market moving”.
It almost appears that markets are stuck in slow motion, or possibly “waiting for something” in order to make a move. This makes sense considering that “risk” is generally back at the old highs ( via the SP 500 – the riskiest of all ) stalling at these lofty levels while the U.S Dollar “barely” struggles to shows any signs of life.
So what are we waiting for then?
I could bore you to death with a million different “data points” affecting any number of countries specific currencies – but I’ll spare you the details. Looking at U.S equities as well the Japanese Nikkei Index (as well the currency pair USD/JPY) is really about all one needs to do at a time like this as USD/JPY has been stuck in a tiny “half penny” range the entire month of February.
That just about says it all.
You don’t make any bold calls when things continue to grind sideways….you just “get all Zen”, let the market make its own mind up, and be ready to jump on board when she does.
I’m “still” waiting for a larger move up in USD as this grind has been a touch frustrating to say the least. These are times when a trader is best to just “get outside” and not let it get on your nerves. The market is obviously setting up for “some kind of move” but as it stands…..still hasn’t tipped us off.
If I could pick a color to describe it…..I’m staring at an amber light.