“I will not allow yesterday’s success to lull me into today’s complacency, for this is the greatest foundation for failure.” – Og Mandino
As discussed in our Weely Outlook Video , it’s all about the BOJ, BOE and SNB today as the market continues to digest the FOMC.
No real surprise in terms of action yesterday, especially with the move in bonds. Same movie as crude; things have a tendency of snapping back when pundits get aggressive at extremes. We can’t complain with our Short dollar, long gold, long bonds and short equities positioning into FOMC: we’ll take 3 out of 4 any-day of the week..
We continue to believe that we are in the process of building a top in equities and as long as those highs hold on the S&P and Dow, it may already be in. Naturally and as highlighted, we are not looking for the end of the world but for a healthy 5-10% correction. All the levels which we have been highlighting are extremely important in the short-term but we can’t help thinking that we still have some unresolved business in the election day range.
Nothing much to update on the levels for now, please use the ‘tags’ section on the right hand side of the blog to find any chart you may be interested in.
If you are interested in attending a morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.