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The continuation of the TACO rally from yesterday can be seen by way of the price gaps which help illustrate the varying degrees of resilience in different sectors of the market. On the /ES, the gap (arrow) remains unsealed, although almost all the damage has been undone.
I have decades of experience studying, writing about, and trading based on technical analysis. There are times, however, that I will take a trade just because the chart seems goofy. Micron (MU) is a good example. I have, in the past couple of weeks, tilted at this windmill repeatedly, only to be disappointed each time. It illustrates how shorting something just because it’s Too Damned High relies almost totally on luck. Yes, one day it will turn, and turn very hard, but I’d rather stop guessing.
In case there’s any uncertainty how much the world thinks of the unhinged chaos the world is being thrown into, take a glance a little metal I like to call silver. Its futures contracts are up almost 7% and, once again, is at prices never seen before.
Would you be interested in buying an alarm clock which wakes you up with Swiss-like accuracy every 90 minutes all through the night? I call it Mishka. Let me know.
I appreciate everyone’s feedback on the new trading diary. We’ve already made fixes and improvements based on your feedback. I’ll obviously keep you posted as we flesh this product out more. Please keep using it and ping me with any issues, since I think we’ve cleared the board at this point.
As for the markets, I think BTC sums it up best: after the whole Venezuela thing (which already feels like a month ago), the lunkheads were all scurrying around with their typical “WE ARE SO BACK” nonsense, only to see prices hit resistance (again) and fall (again). We’re back in the eighty-thousands.
