“You can never make the same mistake twice because the second time you make it, it’s not a mistake, it’s a choice.” – Steven Denn

If you have missed our latest analysis and musing you can catch up through these links > Weekly Outlook Video & Morning Call.

Trump remains committed to make volatility great again and despite the fact that the VIX has been perky all week, he decided to splash a bit of fuel on the currency and bond fire. Gold and Bonds trades were already in play and this only helped to press them on.

As banks kick-off the earnings show today, we are still a lot more focused on geopolitical risk: Russia, Syria, North Korea… there are plenty of reasons to suggest that we should see an acceleration of recent moves as markets prepare for managing risk over this long weekend. As we have seen for petty much the whole year, defensive positioning into the weekends has yielded the best returns.

We would be very cautious about fading these moves in the short-term but equally we would not be aggressive chasing. As we have recently reminded readers, sometimes the best trade on the board in the one you are already holding.

As we recap on some of the moves we were looking for this week and some of the latest developments, we remind readers to focus on price and levels; the rest will tend to fall in-place and the narrative will likely manage to shift so that the talking heads can rationalize what the charts were already pointing to.

If you are interested in attending a daily 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.