Back to Reality

“I learned long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it.” – George Bernard Shaw
Without repeating our rant from the IPO, we will simply present the SNAP chart without commentary; the blog post title should suffice.
As discussed in the weekly outlook video, heads up for the BOC rate decision and presser today. USDCAD is a prime candidate for fireworks today, especially if we do not get any action from Poloz & Co.
Very nice reaction on Crude with bullish reversal right at those previous lows, we consider 47s/42s to be a massive chop zone with very little edge inside.
Another healthy and boring reminder that one of these days, the VIX is going to get very ugly to the upside. Enjoy the lull at lows until it lasts but try not to get your face ripped off when it wakes-up.
As discussed yesterday, we continue to feel that the best r/r to try and take advantage of intraday equity weakness and cracks continues to be USDJPY.
Heads-up for UK data today, we are still focused on the 1.28 mark being pivotal inside the 1.30/1.26 range.
As we discussed, the most interest chart into Monday trade was the possible break-down of NZDUSD… so, game-on on Kiwi but we would still be very nimble on this play.
Swings still in play and EURUSD and EURGBP with equities still playing hard to get as we enter the key phase of the week.
Wishing everyone a great day ahead!
As always there is no substitute for real-time/live action; 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.

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